I call it hairy due to the "hair like" formations that tend to grow on electrodes in cases such as these :)
As for the method, I'd call this the emergency method myself. ie, great to get someone out of a bind, though not so great for long term use. However, I wouldn't impose this on anyone as I realize it's possible to make perfectly good colloidal silver this way with a little care and finesse.
That being said, you could easily improve your setup by adding just a few simple components such as:
A current limiting diode:
And... A mini voltage meter:
Both of which would allow you to control the particle size and more importantly... the monitoring of your silver content/saturation as things move along.