Update: Bicycling article misses the mark
The basic theory of MIPS is that thin plastic liner in the helmet provides shear damping that reduces impact by creating an extra layer of frictional material between the skull and the helmet. Shock absorbing devices act by creating friction during movement.
This links to a page expressing some doubt about the effectiveness of MIPS helmets. I haven’t done the research of reading articles they refer to. The basic argument is that the testing validating MIPS is based on testing that is rigidly controlled and doesn’t represent real world usage. I.E., a helmet typically fits too loosely to benefit from the sliding liner.
I own a Scott MIPS helmet. The vender was doing a brisk business after the Bicycling article. I would hate to say I go the last one, but the supply is/was very limited. I don’t know if it works better than my other helmets (modestly priced Giro). I use it because I am a bit superstitious that it might actually help, but plan on doing no real world testing.