I have used them in the past, and still own one. There are a few fans here, I know. In my experience, there are pros and cons.
Pro:
Sounds great, similar to putting a good condenser mic in front of the guitar - which of course is what it is.
Lets you move around while using a mic
Because it's mounted to the guitar, you can mic really close, closer than you'd be able to with a stand-mounted mic, which gives you a bit more gain before feedback and a consistent sound.
You can share it between guitars.
Cons:
The mount isn't very stable. James Taylor Duct-tapes his on. Someone here on AGF created their own nifty mount that seemed better. I have lots of dents in the guitars I've used the 4099 one, as I'd try to tighten the mount enough to stay in place.
It's a mic - it will feedback unless conditions are right. It will also pick up pretty much everything else, your voice, other instruments, etc.
The cable is short and very thin, and unless you rig something up, it tends to come out of an awkward location and pull on that fairly flimsy clamp. Kind of gets in the way of the idea that you can move around with it.
For recording, I'd not really suggest this - it's attached to the guitar, and can pick up handling noises in spite of the shock mount, and your placement options are limited, which is one of the most critical factors in getting a good recording.
My view:
For me, the bottom line is that anywhere I could use the 4099, I could also use a stand-mounted mic, where I get to pick the mic and have more placement choices and don't have to deal with the wire and clamp. But I play seated, so the mobility aspect isn't a selling point. If you need to stand and move around while you play, that might change the equation.
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