Same on longer PTO doc, because there is always something weird going on that people should be aware of and no one should be able to say 'No one told me.' From that perspective, it is a useful CYA, but in my experience it genuinely helps everyone plan a little better.
That is the reason I think the Handover project has merit. What I personally hate however is the format ( video ), because I can see corporations adopting this out of sheer laziness. In other words, I don't wish this project be adopted by corporate America based on personal preferences, but I can kinda see them jumping on it.