They are called jalousie windows and I agree, I like the look! The were invented I believe to maximize airflow.... That's why the are much more common in warmer climes like Florida and the tropics.
One disadvantage is that they are hard to secure, no real lock on them. The also have many moving parts, often attached with steel rivets which are rusty and degraded. It's my only window left to rebuild and I'm dreading it.
Even though mine lacks the correct seals I don't find it leaks anymore/ less than my other windows