It only takes 3,000 words to give 27 trillion permutations of 3 words, assuming that repeated words are allowed. Did anyone find their formula yet?
This seems to me to be a proprietary solution to a problem that has been solved with MGRS, with one advantage (three words are easier to hear over a noisy channel than a small handful of digits) and one huge disadvantage (there is no way to know if the square you are in is near another square from their names).
Thankfully, there are already numerous other solutions to the same problem, including Google's "plus codes" (which are basically the same solution as MGRS with a couple of tweaks, and a spec that you can read online for free). Given that the plus codes work with Google Maps, they seem to me a better choice for use by the masses since they will let you communicate your location to someone who can then drive near you with Google Maps, whereas the What3words system requires a translation of coordinates to be used with anything but its own app.
I'll stick with MGRS for all of my ground-based GPSing. MGRS works on the Garmin GNS 430W, my cheap handheld GPS, USGS topo maps, and an app on my phone called MilGPS that I actually use so I have it handy. It is easy to communicate coordinates unambiguously and with just the right precision for your purposes.
And I'll keep using DDmm.mm latitude and longitude for flying purposes, since that's the format that works with sectional charts and most EFBs, although it's very frustrating because occasionally something will use DDMMSS and the only way to find out which is to try different inputs and see what comes up.