Yes, it is genius. Regarding the short, fat coils, especially the 'fat' ness- it's important to remember that it's the COIL that does the actual string sensing, not the magnets or pole pieces, but this is frequently overlooked. The magnets or pole pieces simply project a magnetic field in which the strings and coils interact with each other. A wide, fat coil such as in a P bass or a P 90 pickup actually has some of the attributes of a dual coil humbucker, in that the sensed length of the string is quite wide, compared to, say, a Jazz pickup or Strat. And this introduces some of the same frequency cancellations found in a humbucker type pickup. So fat single coils are sort of a hybrid, in a sense.+1.
As I stated earlier my preference is usually for single coils but to take it even further I have to agree with ggunn in that the split-coil P is a stroke of genius for the reasons alluded to. In addition I love the effect that such a wide short coil has on the tone... it adds some round meatiness. IMHO a split-coil P almost is the perfect pickup.