Yeah, first I ever heard of it was when I watched that movie "Tokyo Drift". Disappointing movie to me.
Personally, to me drifting is something you do when you have mostly lost control of the car and are trying to regain control. Can't see much sense in purposely doing something like that at all. I guess it is a good talent to master if you drive on icy roads, but practically speaking, why else would you want to do something like that?
But I guess they say the same thing about straight line racing......