Well, it worked very well for me for three years. All along, I knew I HAD to get out of it. The problems, as you seem to be aware, are manifold:
a) it is an expensive solution -- I myself paid about $4000 per year
b) it requires constant maintenance and visits to the salon every 2-3 weeks. Even then, the week prior to your visit, you can sense the hair system coming loose or just not feeling right.
c) you are always worried (to some extent, at least) that your cover is gonna be blown off. It is quite the charade, to tell you the truth.
d) it does damage existing follicles because of the bond that's applied to keep the system on.
You owe it to yourself to try or investigate drugs and the possibility of a hair transplant. I've been through the hair system route and I can tell you that it's temporary for most people. Can you imagine spending a lot of money every year for the rest of your life and still not being "free"?