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Nice! I’ve seen similar principles employed by some of the CSS frameworks, and this article is a good example of how you can build your own reusable grid system without the weight (or obfuscation) of a framework.
I know some of the methods are sometimes criticized for their lack of semantics, but I would argue that semantic markup is much more important for CONTENT than it is for LAYOUT. As long as the content within the layout is semantic, you’ll get the benefits of semantic markup while still having a solid layout.