It definitely works, personally I prefer a drilled bottom bait, with a cork insert, on a fairly long and supple hair. It partly works because of the aggressive angle between the bait and hook, but I think it mainly works because of the way it is ejected. When the bait is ejected, it drags the hook out from the eye end of the hook first, giving the point of the hook a better chance of findng purchase.
It's for that reason that I don't like rigs with tubing or hook stops on or near the bend of the hook. In that case, when the bait is ejected, it drags the hook out from the bend first. (I know they do work, but I think it lessens your chances).