I don't know how "new" this approach to learning trig is, but I know that just 13 years ago (is that long?) when I learned trig the first time, this is not the approach we used. I don't think it's that the unit circle is "new" so much that it seems newer in being used as a teaching device.
So I am in a pre-calc class now and our book is entitled "Precalculus: A unit circle approach."
If I knew what approach I used the first time I could tell you why this was better. But basically it allows you to not just learn but understand the trig functions of special angles like 30, 45, 60, and 90 degrees, and also the angle that correspond to them (sorry my language is not more precise) in other quadrants, such as 150, 135, and 120.
From my experience, what could amount to a lot of memorization (some people do try to *memorize* the unit circle, which I think is silly) boils down to understanding how the unit circle works.
Example: Find the exact value of the following function: cos(60 degrees)
The unit circle definition of the cosine function is the x coordinate over r (the radius, which is always 1).
The x coordinate at 60 degrees is 1/2. Therefore the cosine of 60 is .5
Other trig functions can be gotten similarly.
Once you learn other identities like sum and difference formulas, you can calculate a lot of other angles and get exact values (not the decimal approximations the calculator will give you).
For example if you need the cosine of 105, this is actually the cosine of 60 + 45. Once you know the formulas you can get an exact value for this angle.
Here is the wiki image for the unit circle:
http://en.wikipedia.org/wiki/File:Unit_circle_angles_color.svg
If you start to look at the patterns and understand *why* the values are what they are, it becomes very easy to commit to memory.
Really all you need is the first quadrant, 90, 180, 270 degrees and you can use reference angles to do other trig functions. I can explain more on that if you want.
Here you can find the Khan Academy videos that talk about the unit circle and it's use:
http://www.khanacademy.org/#Trigonometry
-DaveKA