Seems to be a well thought out product. I haven't had it long enough to comment on its durability, but I believe it will work just fine. I use these chair caps to replace the felt lining on new dining room chairs I bought last year. Two felt pads came loose and didn't fit. I think this design would be better because the cup shape keeps the pads in place. They can't come loose, so this should be a good long-term fix. The design also allows for a flared shape for the legs of my chairs. The top of the cup has a small slit that allows it to be expanded to accommodate a flyer when you place the cap on the chair leg.
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