The cover looks great in a retro-ish style and for some of my playing styles it is almost essential to have this attached so that I can attack the strings with a bit more confidence. If you like your teles workmanlike, though, you can easily swap this back and forth because it clips onto the bridge of my 50s Classic Vibe tele with no problems at all. It does, however, come into contact with the body and may affect the finish there after a while.
It greatly reduces hum from the bridge pickup when it's in place, which is probably more of a problem in a studio setting if you're especially close to recording or outboard equipment, or a computer. It fixes that nicely.
I use a mix of bridge muting and neck muting in my normal playing, and this makes bridge muting impossible, so some things I play need a little adjustment since the bridge cover not only keeps you away from the bridge, but also a little way above the strings where they emerge. I can always remove the cover in those cases. I like it, and I'm glad I have it!