Yes and yes.
Benefits usually outweigh the drawbacks for me.
Only drawback is that it is a pain to carry around through the woods. It seems to find stuff to get hung up on at the worst moments. If I am on the move, I usually leave it at my original setup.
It really comes in handy hunting field edges. Makes where you sit a lot more flexible and you can sit comfortably where you need to be instead of where the nearest convenient tree is. All you need is a little cover around you--tall grass or whatever and you are set.
I can't sit comfortably nearly as long as I could years ago. The gobbler lounger remedies that for me--and the more comfortable you are, the less movement you have..the less movement = more dead turkeys.
Also, it makes for the perfect middle seat in the canoe on float trips with the kids.