That's been around for nearly as long as I have. If you want the absolute minimum contact you can get with your bow, this is NOT for you.
Beware, once it's set up, it's a bit** to get it off your bow. A friend of mine had to have that some years ago. Afterwards, it took several hours, a dremel tool, and a new factory grip for the bow before he was back to shooting.
And they NEVER turn out like the picture.