That's pretty trick from the standpoint of hiding the hooks. If you had super clear water / smart fish it could be worth the time to rig up :) The thing about that setup is, as soon as you hit a stick or catch a fish or snag some weeds, those little pieces of plastic are going to loosen up and become ineffective. It's like the so called weedless flying lure setup where they would rig a piece of plastic from the line tie area back to the hook. Worked for about 10 casts into any kind of cover. The prototype armageddon had a fin system similar to what those guys are doing in that video too.

http://www.calfishing.com/images/lures/trout_plugs/armageddon/armageddon_10_5inch_bottom.jpg

It looked good and worked for a little while, but as soon as you made a hard cast or ripped the bait through some grass, the little fins would start to loosen up which would cause the bait to start running funny. If you had the patience to put in new fins every few hours that's one thing, but most people don't. That's why Mickey changed them out for a more subtle molded in fin. This thing in the video would be the same way. I'm not trying to knock it, I'm just saying that for general fishing, it's going to be a pain to deal with. After you get the first few follows in super clear water, maybe then you bust it out and hope to get one more bite :)