It's an interesting technique, but, thinking from both a server side and client side perspective, I'm not sure it's a very useful one that would ever see high usage. It might, because I haven't looked at the comparative sizes of the javascript used for AJAX versus the gif image size, but since javascript is plain text, I imagine it would be smaller. Here's my short, quick (and possibly incorrect) analysis:
Server Side:
So, the animated gif needs to be stored on the server, this takes up extra space. Although it is not much extra space, imagine having several different versions of these images, or a complex image, both of which can more or less be done via css tricks and javascript tricks and AJAX without requiring the overhead of the image storage on the server. And since you need a specially sized image for each image the gif is going to serve as a loading screen for, instead of being able to dynamically perform the function with javascript, the overhead will begin to increase. Unless you make every image the same size. Also, bandwidth issues, the extra image must be sent which takes more bandwidth. Note that both of these issues rely on the assumed fact that the image is larger than the javascript file. Even if it isn't, there is always the possibility that the javascript file is being sent anyway, so it already has header information sent and a request made for it, whereas the image would need another one.
Client Side:
Same bandwidth issue as the server, possibly the same space issue if someone permanently caches everything, but then, it is their own fault. However, the extra load time for the gif, if it is a larger than the comparable javascript, load time goes up, which means the larger image takes even longer to load. A page with several of these images with the background loading gif of different sizes would be a large increase in bandwidth and load time over one dynamic file of javascript.
Just some things to consider. I'm not saying this is bad, in fact, I am quite impressed by it. I'm just saying it may not be a very beneficial replacement for AJAX loading screens. However, its simplicity in setup and design does mean more people will be able to use it easily.
~Viz
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