Really a style and it's effectiveness is dictated by the type of players you have. Barca at their best were able to weave intricate patterns and run rings around teams with their passing, even teams set up in the way Mourinho set them up (Real set up to defend against Barca in the semi finals in 2011 and it did them no good).
I think the best managers adapt their tactics depending on who they are playing, Ancelotti's Real Madrid aren't by necessity a counter punching side but they felt best served to set up that way against a side that they knew would see more of the ball than them, but at the same time didn't become as negative and cynical as a side set up by Jose Mourinho.