As you might've guessed by the previous comments. Some people like them some people don't.
If used as intended they work good, sewing machines and other light-duty applications, places where using a standard belt is not feasible. Fractional HP applications Only. Pulley size does make a difference, these Belts should not be used on Pulley's Smaller than 3" diameter. The belt will not last using it long-term at high speeds. The belt should work fine on your South Bend lathe, If your motor is less than 1.5 hp and less than 1000 RPM.
This type belt is also susceptible to being over tighten, properly tensioned they will last a long time. If you put too much tension on these belts, they will stretch and be unusable. And no they are not a substitute for the flat belt.
The main reason most people don't like them is because they have used them for the wrong application or expected too much from them. Using them in the right application, and properly tensioned, they can last for years.
My opinion is, This is more of a convenience issue. These belts are great in emergencies or for light duty applications. But if you can use a standard belt on it you should.
Stay safe and have fun.
Joe.