No they aren't a joke, they really work! Last year I bought a Windlass tipup made by Hi-Tech Fishing and it took awhile to get it setup, but it really jigs well.
http://www.htent.com/Tip-UpPages/windlass%20tip%20up.htmIf the wind is varrying much in intensity they don't work so hot, but on calmer days it only takes a slight breeze to make them work, but I had to bend the fins to get them working right.
Had a problem with the hole freezing up in colder days and because the spool is above the ice, as soon as the line froze in it would lose the jigging of the line. I solved this little problem with the same solution I use on all of my tip-ups. I use a section of carpet with a slot and small hole cut out of the middle. After the tipup is set, carefully slide the carpet in place and your holes won't ice up.
This year I'd going to experiment with a small spinner attached to the line suspended a few inches above the bait. The jigging action should make the spinner flutter and (hopefully) produce more action. Anybody else try this trick, and did it work?