Think of it as dual spec but for gems, allowing you have have two sets of gems in the same piece of gear. So for example having a set of gear full of ARP gems and then having that same piece of gear being able to fluctuate gem wise, having lets say AP gems instead. Making it a lot easier for classes like : Hunters, Rogues, Druids and perhaps Warriors too, whose spec in accordance with their gear and gems. Best example would probably be for Hunters: if they have both a pve BM spec and a pve SV or MM spec, they can't use the same gems for all those specs, one set would have to be AP, the other ARP and then AGI.
I hope this is clear enough to understand. I think it would be a nice thing to include, maybe not for the cata release date, but perhaps for future expansions of cata.
Be interesting to see what you think.