Years ago I had a seatpost like that, with a 2-3" oblong cutout on both sides. Never knew what it was for, but it must have been for this or something similar. Mind you, the bottom inch or so was intact, so you'd still have to loosen the cable in order to remove the seatpost. Then again, how often do you do that?
and that would serve to tighten the seatpost and not squeeze the tube, preventing the movement of the cable .... i guess
and that would serve to tighten the seatpost and not squeeze the tube, preventing the movement of the cable .... i guess