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This is a very simple git workflow. It (and variants) is in use by many people. I settled on it after using it very effectively at Athena. GitHub does something similar; Zach Holman mentioned it in this talk.
Update: Woah, thanks for all the attention. Didn't expect this simple rant to get popular.
If you prefer to watch video tutorials with live-coding, then check out this series I recorded with the same contents as in this article: Egghead.io - Introduction to Reactive Programming.