Among self proclaimed theory nerds (such as yours truly), it's also known by its more accurate description, namely "The Cycle of Descending Major Thirds", which is in fact, exactly what it claims to be.
Made famous by legendary saxophonist and innovator John Coltrane, he crafted the cycle into a number of his own well known compositions, which were all recorded between March, 1959 and late October, 1960 on the Atlantic label. One of the earliest and most influential among them being, of course, “Giant Steps”.