"The procedure" (as it was referred to when I had it done at Orford one summer) works well for some instruments and some bassists, and not for others. Generally speaking, it is one of several pieces of the "5ths/Joel Quarrington School sound" and it usually leads to a brighter sound with more projection and presence. A "good candidate" as defined by Joel and the guy with the hack saw, is a bass that is lacking some definition, is darker than desired, or is slow to speak. My bass was such a candidate at the time, and the results were quite positive. Spending two weeks with Joel Quarrington focusing on technique for three hours every morning, followed by private practice, ensemble playing, and mini lessons likely didn't hurt either.
That bridge lasted for a few more years, but had some problems from day one. I had a new bridge cut that had wings, but was described as "low mass" by the luthier who was also a student of Joel's. It looks more like a traditional bridge, but the luthier has reduced the weight of it by a similar amount to removing the wings. While the bridge was much better shaped and fitted than the original bridge I had on my bass, it retained a lot of the characteristics of the old bridge. It just wasn't warped with a funny hump in the middle, fit the radius of the fingerboard better, the feet are apparently more appropriately spaced etc.
I am not entirely sure if it is because of the reduced mass, or because the current bridge is far better than the older bridge. I also do not know how much impact the wings being there or gone or there again has had on the instrument, as it occurred during my undergrad, and comparing my sound from the beginning of my degree to the end is apples to oranges. Hopefully that was a little clearer than mud.