I personaly tried it out Yesterday it was very succesful, I used it in the ML stage of the tourney as I was the Chipleader, So i used to min 3 bet to bet fold any flop to actually see them snap fold. How do you think the regs react when a other reg makes this play? Is he strong is he weak? Notice that I was like 500bb deep at the time so I got a lot of room for spazzing and put pressure.
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I think this is very situational, with a stack, i'm very inclined to do it, but then if you're not particularly deep, it becomes risky, it also is dependent on how said reg perceives you, if you do nothing outrageous, then its a very profitable ploy as he should in theory respect you and you can pick up a lot of dead money. But in theory yes, fundamentally its a useful strategy.
I use "click it back" move quite offen. In my mind there is 3 ressons when you should use it:
1.) as a cheap bluff on dry boards (exp. A37 rainbow)
2.) as a semibluff
3.) to build pot with big hand with intention to set river shove.
Tending to be a cash game player myself, I agree that it puts you in a nasty position when your initial bet gets raised on the flop.
However, try to be aware of your table image. I'm watching opponents style and betting patterns, and if you play this move too often its both expoitable and expensive for you.