[The term may not be new,but suddenly golf broadcasters are using it excessively,especially as I listen to the British Open 2014 on the radio]
"Definition: The golf term "up and down" refers to the
act of taking just two strokes to get the ball into the
hole when your ball is resting off the green or in a
greenside bunker . If you accomplish that, then you've
achieved an "up and down."..."
http://golf.about.com/cs/golfterms/g/bldef_upanddown.htm