It sounds more formal than it should be. In my mind, it's more about easier searching and retracing steps and decisions. The only really formal thing in there is the list of TODOs and the DECISIONS. The first ones because obviously you need people to do them, and it's easier if they are automatically on a list of theirs and not forgotten. The DECISIONS are important because in retrospect somebody always will want to know the when/how/who/why around them.

But you could be right, this might not be the unifying tool for everything but more like number 29 that has never replace the previous 28...