Basically, this plugin create a "virtual post content" which acts exactly like post content (parse) and can display anywhere via shortcode. This is good idea. But it sounds similar to Shortcode Pro (http://wordpress.org/plugins/shortcodes-pro/) or Shortcoder (http://wordpress.org/plugins/shortcoder/), which allow people to create any shortcode with any kind of content and they also integrate with TinyMCE.