I'm not entirely convinced that they have any major real world benefit for most of us but to dismiss them out of hand is just stupid especially as there's a logical theory to why they should be good.
As mentioned above, Shimano's biopace was amazingly designed incorrectly with the chainring's orientation out by 90 degrees. Since they were all five bolt then, you couldn't get them turned to the correct orientation.
There is research that shows benefits and plenty of pro roadies and mtbers believe it enough to be using them even when not sponsored. The consensus seems to be that they're more advantageous when pushing hard rather when spinning (one reason why a lot of the pro roadies are using them in TTs) so tend to be better for smaller chainrings for normal riding.
I'm not sure that I'd fork out for them at current prices but I'd be happy enough to try when they become more reasonable.