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It was cool cause it was different. Probably did a lot more to make viewers stop and check out TNA for a few minutes than Bischoff or the Nasty Boys ever did. And I fully believe they only reason they got rid of it was because it made it look like Hogan and Bischoff were really shaking things up.
That said by all accounts it made the ropes tighter than most guys were used to, and it took some time for talent coming in to become accustomed to it. I distinctly remember guys running into the turnbuckle when they meant to run into the ropes just because they weren't use to it. Even in Mexico this thing was only brought out for special events.