This is called a Pie Menu and it is fairly popular in games because it is faster to use then a normal right click menu. Once you remember which option is in which direction you don't need to see the menu, read the options and aim at the one you want. Right click while moving the mouse upwards and you'll activate the top option or while moving the mouse downwards to the left and you'll activate the option in that direction. The whole menu interaction is 1 click so by the time it takes for a normal right click menu to appear a pie menu is already done.
It would be great to have it as an option in gtk which type of menu to use on right click. A separate add on like the Firefox pie menu extension isn't any good though cause it doesn't work in all programs. It really needs to work in all programs, i guess that means it has to be a part of gtk.
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