In my mind, it pretty much describes the perfect strike indicator, and has helped to make a lot of anglers become even better nymph fisherman. You can't say that about every angling inovation that comes down the line. But what's going on with your drift under the surface- from "bobber" down?
Good question. Here is a little trick that can make your bobber even better.
Get some Rio Kahuna strike indicator (basically the coating from a heavy fly line, but it's a little more foamy than actual fly line). Break off a piece about 1" long. Slide it on your leader before you tie on a fly. Set your thingamabobber at the appropriate place on the leader for the water depth that you are fishing. Now, slide the Kahuna indicator up to about 4 to 6 inches below the bobber.
The Kahuna will be pulled under the surface from the weight of your rig. When you cast upstream do your usual mends to control drag, but watch the Kahuna indicator just below the surface. When the Kahuna is straight down, you know when you have achieved a DFD (drag free drift baby!), and you are in the strike zone.
The added bonus is that you will see the Kahuna move before the bobber- SET! So in essence the Kahuna becomes your indicator and the thingamabobber becomes an RSD (that would be a "Rig-Suspension-Device" in fishing nerd speak).
It's almost like cheating.