PROJ4 and WKT are extremely common ways to generate and share coordinate systems (even Autodesk Infrastrure Map Server uses them).
It would be great to grab the text and paste it into a new Coordinate system so the values are already populated.
Some examples:
California State Plane Zone 1 (http://spatialreference.org/ref/epsg/2225/)
PROJ4:
+proj=lcc +lat_1=41.66666666666666 +lat_2=40 +lat_0=39.33333333333334 +lon_0=-122 +x_0=2000000.0001016 +y_0=500000.0001016001 +ellps=GRS80 +datum=NAD83 +to_meter=0.3048006096012192 +no_defs
or Google's Projection:
WKT
PROJCS["Google Mercator",GEOGCS["WGS 84",DATUM["World Geodetic System 1984",SPHEROID["WGS 84",6378137.0,298.257223563,AUTHORITY["EPSG","7030"]],AUTHORITY["EPSG","6326"]],PRIMEM["Greenwich",0.0,AUTHORITY["EPSG","8901"]],UNIT["degree",0.017453292519943295],AXIS["Geodetic latitude",NORTH],AXIS["Geodetic longitude",EAST],AUTHORITY["EPSG","4326"]],PROJECTION["Mercator_1SP"],PARAMETER["semi_minor",6378137.0],PARAMETER["latitude_of_origin",0.0],PARAMETER["central_meridian",0.0],PARAMETER["scale_factor",1.0],PARAMETER["false_easting",0.0],PARAMETER["false_northing",0.0],UNIT["m",1.0],AXIS["Easting",EAST],AXIS["Northing",NORTH],AUTHORITY["EPSG","900913"]]
That would make life really easy...
