Alternative (K&R) C syntax for function declaration versus prototypes

What is useful about this C syntax, using 'K&R' style function declarations?

int func (p, p2)
    void* p;
    int  p2;
{
    return 0;
}

I was able to write this in Visual Studio 2010 beta:

// Yes, the arguments are flipped
void f()
{
    void* v = 0;
    func(5, v);
}

I don't understand. What's the point of this syntax? I can write:

int func (p, p2)
    int  p2;
{
    return 0;
}
// And write
int func (p, p2)
{
    return 0;
}

The only thing it seems to specify is how many parameters it uses and the return type. I guess parameters without types is kind of cool, but why allow it and the int paramName after the function declarator? It's weird.

Also, is this still standard C?