I don't know why the device is being bagged out. Has anyone seen one not work? As far as I know nobody wearing one and using it correctly (some dude did get nailed with one on him, but it was off...) has been attacked by a shark.
Here's a study on the Shark Shield, which operates using the same principals as the Surf Safe device.
www.sardi.sa.gov.au/__data/assets/pdf_file/0005/173876/Risk_Assessment_of_the_Shark_Shield_Report_-_FINAL_19_06_2012.pdf From what I remember, it concluded the device does work (with numbers/data etc). It doesn't stop the shark attack in all situations, however it does show an increase in the amount of time it takes a shark to attack. Which I consider a massive benefit! Another thing worth noting (again off memory) is that they used chumming and fish baiting to draw in the sharks, which I'd like to think would certainly change their behavior.
There is solid scientific theory applied in the creation of these devices. It certainly isn't a snake oil/rabbit foot/hopes and dreams industry.
The Surf Safe has been tested on a number of sharks, including great whites, which do attack humans and have been responsible for a number of recent attacks. Whilst the videos of the testing wouldn't be under true scientific conditions, they certainly are relevant and do seem to show the device working very well under those conditions.
This device isn't made by some large company looking to make loads of money at others expense. It is a local board maker with a concern for fellow surfers safety and is striving to make the sport as safe as possible. (Whilst probably trying to make an extra buck as well, but so what!?)
I still believe (based on no evidence or research, just a hunch) that a big shark coming in hot, that really wants you, is going to get you shield or no shield.
(For what it's worth, I don't have one...yet).