God damn' it! What a great yet simple idea!
I would not dismiss the product easily.
I always fold cloths over and under my strings and have to hold it to keep it in place up and down the neck.

This thing just makes it easier, HOWEVER it shall have a brush or a fom or a cloth on the bottom side also, to wipe the fretboard in one go (which a thick cloth does- wiping both the strings and fretboard at once).