yeah, its an old school method. its really just a tap of the button to a fast wr.
the trick is the match up. you want your fastest receiver against the slowest defender. so a really fast WR against a slow CB, or even a really fast TE against a LB.... but that usually doesnt work because the safeties' zone prevents that lob.
use WR swap (a package available in most formations) so that your #1 WR is against their #2 CB. you're looking for man coverage, because that will keep the CB from dropping back early. then hike the ball and wait a little for the receiver to get past the defender, once he starts getting separation just tap the corresponding button.
if it looks like its an overthrow, youll need to switch on to the receiver and use turbo, but for the most part it will be an easy completion.
not many people like using man coverage a lot, so its not a play you can use very often. but when you can, its effective.