Interesting concept.
How is the rolling resistance? Is there an issue with "progression"?
Clearance might be an issue on my favorite bikes, so adding 1/4" or so could be bad. But, there are many bikes that have adequate tire clearance.
I assume you use some kind of minimal elastic stretch material for the sides, and maybe rubberized on both sides to keep the tire treads from slipping. Any slippage could feel awkward, and is potentially dangerous.
I can't say if I'd use it. I run road slicks most of the time. I did run knobbies a few years ago when I did a lot of winter adverse weather commuting. Now, I do ride in the rain a lot, but I'll generally organize my schedule to wait out ice and snow storms.
If I was in a place with more snow, I'd probably go with a fat tire MTB with studs... and leave the road bike at home.