I'm guess that it's less useful if you're chopping against the grain or if you want precision.
And that's not a modern invention, it goes back for centuries. I'd guess that even stone age flint tools have been specialized in similar ways.
I think this is it: http://ecx.images-amazon.com/images/I/61AigOH-ptL._SY300_.jp...
"Once in a while he found new axes at the hardware store. They were proclaimed to give greater striking power and strength through added weight and a variety of shenanigans to the sides of the blade."
I use a maul (about 5lb head) to split wood (mostly elm since a neighbor cut down dozens of elm trees in the attempt to stop Dutch Elm disease from propagating) and the best motion I know of is to lift it straight overhead with hands spread wide. Then accelerate it downward while sliding the hand closer to the blade down to the base. Focus on coming down in a line through the center of your body. At the moment of impact, both hands are close together and your grip is just tight enough to hold onto the maul, with arms and shoulders relaxed.
It substantially reduces stress on your body and you still maintain good control. Feels like a Kendo "shomen uchi" strike.
Also, instead of using an old rubber tire, I highly recommend building a variable length, tensioning chain, much like this one: http://www.youtube.com/watch?v=wrLiSMQGHvY Makes chopping wood so much more fun.
And then, there is also the stikkan: http://www.stikkan.com/ Perfect to hang it up next to your fireplace to do some more fine grained wood chopping, cutting larger pieces into smaller ones.