I ride one of those. The one in the picture is a different sort than mine. I'm the guy in Hawaii Rancid spoke of.
A few years back I was all freaked out from that article about the nerves and stuff getting crushed, but I just kept riding cause I love it. But there was always that possibility. Then I went on a longish ride around the island and when I got home, problems presented themselves. I didn't worry, didn't worry, told myself it was nothing, but the problems kept on. I didn't have any surgery or anything, but I figured it was either no bike or no, er, functionality.
So I got one of these, the spongy wonder, and the problems went away with no other intervention. After about a year, try as I might I can't force myself back onto any other kind of saddle.
My wrists stopped getting sore after about a month, and I ride my bike pretty often. I'd say sixty or seventy miles a week minnimum for work, sometimes longer quick rides not for work.
It looks stupid as all hell, yeah. I agree. But it works, and that's all I want.
Also, I ride no hands just fine.