Seems like an interesting option for naturally aspirated race cars. They let you hit high RPM without worrying about valve float and without using overly powerful and lossy springs.
The difficulty of keeping them sealed suggests they're less than optimal for high boost turbo applications, or high compression, fuel efficient commuter engines. Narrow tolerances may also increase manufacturing costs and decrease longevity, which is less of a problem for a race engine compared to something designed for mass production.