I saw Bill Cumpiano explain that method on his website, here... http://www.cumpiano.com/classicneckblank/classicneckb.htm
I'm a big fan of Bill and his methods which keep changing. Few luthiers share to the degree he does. However I would like to point out that Bill is using what I believe would be called a spanish heel which means he has a large uncut block of wood at the end of the neck (will be come the heel block) that prevents the neck blank from rotating into the blade. That is not the case in the photos from the OP.
That is exactly what I was referring to in my post when I referred to a solid block. Maybe a safer alternative would be to bill the heel as a spanish heel and then cut off the neck block piece after the heel has been milled. Just my 2cents FWIW.
TWC
it's actually quite safe, my hands don't get within 6" of the blade
I am kinda interested to hear Pete's opinion on the subject though (<< note the grin )
Making Cove molding using a tablesaw in a similar method as described above is a common, everyday procedure in most small cabinent shops not equipped with a large molding machine. The only difference here using a crosscutting sled as a jig, the angle of attack is perpendicular to the blade instead of diagonally (normal 30-45 degrees). With only 1.5 inches instead of 8 ft of cove to cut it probably dosesn't make much difference.
Remember...you start the cut with only ~1/16 inch of the blade above the sled and increase the bite by 1/16 - 1/8 inch with each pass. If one hand is holding the neck far away from the heel and a push stick is applying force to the neck near the heel against the fence as it passes over the blade this should be a very safe operation. You could double stick tape the finger board to a long piece of hardboard taller than the fence and create an even safer alternative which would keep your hands well out of the danger zone.
If you angle the fence you can make elliptical cuts. A journeyman friend of mine showed me this technique making a long hollow cut in a big moulding. Too scary for me though.
I did that angle thing with a 6 inch Dia: blade in my lathe.. to produce a 4 inch radius on the end of a "Banjo Neck" to fit an 8 inch dia: Pot.Yep...that is called a corebox cut on the table saw.