Those true bypass strips are, from what I can tell, just another word for the effects loop boxes sold by loooper.com and others (morgan miller, keeley etc).
You put your pedals in one or more loops, and bring them in and out of the signal chain by engaging/disengaging the loops. The loop boxes themselves are true bypass.
There are several benefits to this:
1) You can keep tone sucking pedals out of your signal chain when not in use
2) You can bring multiple pedals in/out out the chain at once, avoiding some pedal dancing.
I have a three loop loooper, it has A/B/C loops and a master bypass so I can bring one to three loops in/out at a time. I group the pedals functionally.
Loop A has octaver/overdrive/distortion
Loop B has fuzz/envelope filter/synth
Loop C has wah wah
So if I want to bring A and C in at the same time, which I do often to get distortion into wah, it's easy.