Cut the "gimmick" crap, really. It's basically an updated version of the single wing, which is about as "obsolete" as it gets.
The best offense is one that suits the personnel. The contrarian in me loves running something that no one else does, thus making it exponentially tougher for a defense to learn and gameplan for in a single week. If running a split-T formation suits the personnel, then it gets run. It's not a difficult concept.
Sherlock Holmes once observed that the ultimate folly is to theorize before one has facts; inevitably one begins to twist facts to suit theories rather than theories to suit facts. Imagine a player's abilities as "facts", since it's really not going to magically evolve (no magic dust comments here, please). An offensive scheme is a theory that must be constantly adjusted to suit the concrete facts of available talent.
I love various offensive systems and feel comfortable installing them at any level. But if there's a mismatch between what they can do and what I want them to do, we're going nowhere. If I have seven or eight top level receivers, there's no way a wing-T is going in. Yet I see this all the time.