I don't know if he coined the term, but the first time I heard it was from Michael Chin, who heads up marketing at social networking company KickApps. "Syndication is not new [in media] but with widgets it's hyper-syndication," he told me over a plate of eggs at one of the great old diners that thankfully still exist in midtown Manhattan where you can eat a good meal for under $5.
I love the concept. You not only get your stuff out there, but you get it out there in a way that encourages exponential, rapidfire (aka viral) growth, until you lose control. But you gain incredible reach, and perhaps frequency and targeting.