As sosowingshooter said, it's not a sight. It's an alignment device. I have one on my bow and I find it useful. I've shot so frequently now with it, that my anchor and grip have been trained to be more consistant, and I hardly ever have to look at it. I now use it more as an occasional check on my anchor and grip.

My opinion is that it's great for hunting if you are replacing a peep. Peeps have been known to fail in the field and they can obsure the animal, making it more difficult to pick out the kill zone. Some also find they don't work well in low-light situations. The no-peep won't cause you any problems in any of these areas.