I don't think it is too big of a deal. It will definitely work in specific situations like most lures. I have been tinkering with a very similar lure for fall fishing on OH for the past couple years. Big difference is the TN regulations so the design is different.
During the fall, the bass chase shad on the flats and you need something that looks like a school of bait to get some attention. My long time go to bait of a double white crappie jig does the same thing, but the alabama rig is better designed to use with bass sized lures.
A couple draw backs with this lure. One it will be snaggy so when bass are not out chasing it will be a poor choice, plus it will be expensive when you lose it. Two, it will be overkill with the tackle for typical bass, so while you will catch some it wont be very fun. Maybe good for a tournament, but not sure I would want to do this all the time.
It will be a white/striped bass killer. That is what I would use it for mostly, as they really go after shad schools hard.
I doubt it will effect fishing as much as the new electronics do. They really change the biggest problem in fishing which is finding them first. If you are on lots of fish, there are multiple ways to catch them. The alabama rig will be a good choice in some of those situations.
My 2 cents
Jim