I'm not sure what the intent is, and what other people do with it, but I thoroughly _love_ having these named colours for when I'm hacking and prototyping. I can just start typing out a colour and autocomplete will show me a list. But I don't find myself ever using them in production.
Also: Finally, a tool to help me decide between greenyellow and yellowgreen.
Also: Finally, a tool to help me decide between greenyellow and yellowgreen.