All to their own, but unless you ride in all weather/all year/winter/long distance tourer/donít do regular maintenance, I would never bother with an automatic oiler system. The complexity and instalment of such a system to do a job a rag and a can of chain oil can do (better).
As said, unless you ride in some extreme conditions or donít bother with regular maintenance, this is total over-complicating a simple job. The amount of things you need to install, a control device on the steering stem, the applicator on the swingarm (drilling into the swingarm), boxes and oil reservoirs under the seat and in the side fairings, all wired together with wiring and tubes.....come on! This is a SS not a ST :-)
I will disagree with your assessment that a rag and a can of chain lube is better.
Nothing works better than this automatic system, and it extends chain life.
First bike I put one on (Suzuki RF 900) didn't have a center stand, so apply chain lube was a pain. I never had to adjust the chain between putting new rear tires on.
Funny you mentioned sts, cause I also put one of these on the ST4s I had. Don't know how old the chain and sprockets were when I got the bike. But I didn't replace then until after I put 18,000 miles on the bike. Guy who owns the shop that replaced it for me sais he had never seen a chain go that long.
So as usual, everyone has their own opinions.
I will keep my chain oiler, cause it makes the chain last longer and keeps it much cleaner. Side benefit is clean up of the rear rim is easier. This oil comes off the wheel much easier than any canned chain lube I have ever used.
As to the smoke screen comment, NO. It doesn't use that much oil.