I agree with junky. If you are fishing straight bait, yeah, it works. But put a cheater or corky or Spin-N-Glo in front of that hook as rigged, and you get a cock-eyed hook point position that is obcured by the drift bobber, negating any of the benefits of the "increased bite".

This is one of the reasons that I stopped fishing eggs on a single hook behind a Spin-n-Glo or Flash/Spin Cheater. Putting a big gob of eggs in the loop causes the hook to ride in that cock-eyed position that results in MISSED FISH.

The solution is to use a double setup with a trailing octopus hook. It leaves the trailer exposed in an ideal hooking position. Basically the top hook is only there to hold the bait, and the trailer catches the fish. In areas where it is illegal to use more than one hook (the Kenai) we simply cut the point off the top hook.