If it actually works as good as they claim, it would be awful for vaporizing.
The only way to cool vapor, is to lose vapor.
The boiling point and condensation point of a compound is the same temperature, once it falls below that, it is condensed and lost.
Based on ABV pictures, I say people often want those high temp compounds, whereas apparatuses like this would surely fractionate those out first. You see a similar conundrum with many "super vapes" which are so powerful they must be run through adequate cooling, which ironically steals much of the active compounds, leading to subdued effects and perpetual VAS.
Anybody can check the results of the classic study "In Vitro Validation Of Vaporizers" to see how substantial these losses can be. The Plenty was demonstrated to consistently lose ~25% of the goodies to the stainless steel whip. That's about 7 grams per ounce that never makes it to the lungs. I would absolutely love to see some metrics for vapor ran through a simple water pipe, I would assume losses of at least 33%.
It seems like a tough sell for all of the reasons smokers never wanted to try a vaporizer. People don't want to wait for a vape to heat up, seems like waiting for your bong to cool down to sub zero chilled temperatures would cause similar sentiments.