I've heard the concept, but I'm not sold on it. The idea is that consciousness creates the thing we're looking at (reality). But then you just have the question of why consciousness was needed in the first place, and also with all the pre-historical gunk left over from before consciousness seems to have arisen. You can say that consciousness created fake fossils etc, back-created the reality needed to create itself, but this is just so ... bullshit basically.
If consciousness really came first and didn't need a material reality, I can't see why consciousness would need to "make" a physical reality like the one we see at all. It's much like a God argument then, consciousness created all the stars and inaminate stuff to self-justify itself, just because, so the logic is entirely circular. Why would pure consciousness have needed to create planets and stuff? Since consciousness would be setting the rules, there would be no "consistency" to maintain, and Occam's razor would imply that it should have created just the most simplistic system that can maintain itself.
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One step better is the old Weak Anthropic Principle, coupled with the Many Worlds Interpretation of quantum physics. This states that there are infinite worlds, with different rules, and only those which can, or have, allowed for consciousness have people like us, able to debate about things. It's really extending basic common sense to the idea of many alternate dimensions. In our universe we can ask the same thing, why aren't there philosophers on Mars? Well, there are no (higher) lifeforms on Mars, so they can't give rise to those who can philosophize. The Weak Anthropic Principle just extends that concept to the idea of different universes with different physics.