Good points Dave, but I have to disagree to some extent. I haven't tried the rig, so I really don't have room to argue, but I believe the advantage the Tubo Rig would have on just a slip sinker with a floating plastic is that the bait can actually "hide" from the bass and prevent it from removing it off the bed, therefore agitating the fish even more. I would think it would get more aggresive bites rather than the usual bite and blow it out in a blink of an eye that often happens with bedding fish. Like I said, I have no experience with it, this is just a guess from looking at it.
you also make some good points.
my opinion would be VERY different if this lure didnt look like a toddler's toy. if it was much less bulky and more realistic looking (and not $20) then i would say it is worth a good shot.
it needs some improvement but the concept could work.