If you are fishing water ...
... that gives up fishies at some interval and slowly, this approach probably wouldn't be nearly as much fun.
In the two places I tried it yesterday, it is not unusual to pick up a lot of fish in a hurry.
BUT what the hookless approach does is really compress or concentrate the action into a much shorter time span. If I had been fishing a regular pointy thing, I probably would have spent close to an hour in the first pocket and landed a dozen or more fish, and close to half an hour in the second pocket and landed a half dozen or so.
It really was fascinating to see / feel so many fish in such a short time span, to realize just how fast and furious the action can be when you don't have to deal with landing and catching the fishies.
This approach definitely isn't for everyone, and not for every situation, but as Mark said in his post, the hook "may have been pointless but the experience was not."
John
P.S. Duck - having the shorter bend with a blunt end lets you feel the take whereas a completely bendless hook probably wouldn't. It also gives you a shot at landing the fish, if that is what you decide you want to do. But landing a fish is really difficult, because as soon as pressure is released, so is the fish. What I noticed on the two that I almost landed was that when I got them quite close and the rod was close to vertical, they were gone - I think because the flex of the rod released the pressure I had been able to maintain up to that point.
Just removing the part of the hook from the back of the barb to the point didn't really alter the position of the fly on the water. Removing the entire bend might. Might experiment with that next time out.