Thanks for the explanation!
I'll read it carefully a few more times. Seems it's a clever way to get the advantages of PC relative code without needing to actually code 'PC relative' (though register relative is kind of the same thing). Moving the offset so far ahead also allows for 64K, which is pretty neat.
I might consider it for new projects, just to see how it works. In my experience trying stuff is always the best way to get to grips with it. As is, I try to write almost all code as PC relative as I can make it, so it shouldn't be that much of a change.
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