it looks like a modified cable/rib. i knitted a sweater with that or a very similar stitch this summer, and it looks more complicated than it is, once you've done a few rows. it turned out nicely.
where did you find it and what did you have in mind to make with it? it's an airy stitch, i wouldn't do anything winter weight in it.
I have used the stitch before in sweater vests. I learned it in Argentina in the 1980s, where it is known as "chica linda" ("pretty girl" in English). I couldn't find it in stitch pattern sources I have; I was interested to see some other patterns that use it.
As I recall, it was not too lacey, ie, it worked OK for alpaca sweater vests.
There are several other stitches that I was shown in South America that I have never seen in US stitch directories. Maybe I'll post some here for everyone to see.
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