The "California Three-Way" could be wired similar to what you have shown. Fundamentally, it wires each wire of one three-way switch to the corresponding wire of the other; if the switches are in opposite positions, each switch will form a connection between the wiper and one other terminal, and thus the two non-wiper terminals will be connected.
The primary advantage of the California three-way as compared with running either two switched travelers to a remote switch and having it return the properly-switched line, or running hot to a remote switch and having it return two travelers is that the remote switch gets access to both hot and a properly-switched line without having to run an extra wire. The disadvantage of the California three-way is that parts of the circuit have no clear "upstream" and "downstream" relationship. In general, disconnecting all the wires upstream from a circuit will kill power to it. In the C3W configuration, that doesn't necessarily hold; one can disconnect the unswitched hot wire from part of a circuit and still have it receive power through switches. The safety risk from that is probably not as severe as the risks posed by the Carter system, but some building codes may still not allow it.