This is a model that was inflicted upon the 2009 Royal Roads Leadership cohort. I hated it. Literally hated it. It was possibly the hardest thing I have ever done. And it's quite brilliant lol.
The idea is to use experiences as a foundation for learning, which of course is what all experiences are. The brilliance is in the use of this model as an assessment of learning. It quite effectively places the responsibility for both the learning and proving of the learning on the learner.
Those with a background in counselling or human services will recognize the model as a representation of the counselling process. Client comes in with problem(s) in the form of negative or problematic experiences. As a counselor/helper you help the client reflect on the experience and provide feedback in the form of alternative perspectives. Then you help provide context perhaps embedding some theoretical perspectives about how human beings work. Then you help the client design a different way of doing something that relates to the original experience.
Simple, but not easy...
Finally found out where this model originated - David A. Kolb's model of experiential learning http://www.infed.org/biblio/b-explrn.htm