My buddies and I have always kicked the idea around since they're fairly cheap compared to a normal beadlock. You have the advantage of locking both beads too. One of the guys I wheel with has Hummer wheels, which utilize a similar method where there's an internal rubber ring and when the two halves of the wheel are pulled together it clamps both beads. He's never had any issues with it, though the lowest I've seen him run was 7psi which is borderline not even worth it for beadlocks imo.
Benefits to both types of beadlocks. For all I know a lot of people use them and you just can't tell. Personally I like the look of beadlocks (real ones) so that played a factor, and the fact I could reseat a bead and mount a tire by myself was nice and I like the protection the rock ring gives (plus I needed new wheels anyways). On the flip side my TrailReadys cost $600 more than than most internals and they were the cheapest ones you and at the end of the day both systems do the same thing. Also the fact you have to rely on an inner tube holding the beads on and you can't visually inspect if it's working would put me on edge. To each their own, personally I would just get a locking ring style but different strokes for different folks.
