It's basically an updated version of the old Umbrella Rig.

From another site, and I agree with the article: "As for those who believe the umbrella rig is somehow unsportsmanlike, you should know that the same argument has been made for side-imaging, GPS, sonar and even the plastic worm. When these tools were introduced, a segment of the public clamored that they be outlawed because they were so effective, so destructive and so easy to use and catch fish that the bass couldn't possibly withstand their widespread use. The bottom line is that the Alabama rig is a tool and a small piece in a very large puzzle. It won't catch even one bass unless an angler puts it in front of one with the right bait attached and retrieved at the proper speed. Eventually, the hype and hoopla surrounding the Alabama rig will die down, just as it did for the Heddon River Runt, the Creme Wiggle Worm, the Rapala floating minnow, the Big-O, the Lunker Lure buzzbait, the Carolina rig, the Zoom Fluke, the Yamamoto Senko and legions of other baits and rigs that may have lost some of their luster but retain a place in the sport and our tackleboxes."

I feel as though its just another tool to use. And like all tools, unless they are in the right hands they are useless. Your still going to have to present your lures in the right manner and it will just make it that much more difficult to do so with a 4-5 oz rig being dragged through the water. As far as the legality is concerned, if it's legal in your waters, go for it. If the law is with you, then don't worry about anybody who wants to stir their morals in your koolaid. Keep on keepin' on.