This experimental option was introduced with JDK-7020042 (hs-rt change set 2283, 18-Feb-2011), as part of disabling reference processing during concurrent marking and at the end of remark, due to test failures.

It iwas changed from false to true with JDK-7009266 (hs-rt change set 2346, 7-April-2011), with the addition of a G1 read barrier for Reference referents.

I'd say it has served its purpose and can be deleted now.