I use a hop stand for hop forward beers and I like the results. I don't necessarily think it's adding something; instead, I think chilling too fast wastes late hops. Recipes with 10 minute, 5 minute and knockout hops come from commercial brewing, where you'll be whirlpooling and then transferring for at least an hour.
I don't think the hop stand is a replacement for dry hopping, nor for bittering hops. In fact, I'll usually still have multiple additions throughout the boil. I know all late hopping, extra fresh beers are the rage right now, but I think multiple additions add more complexity, bitterness, and stability due to the isomerization of the alpha and beta acids.
I also don't chill at all before the hop stand. I'd prefer to keep my beer as hot as possible before chilling and pitching. At homebrew scale, cooling happens naturally and pretty quickly. You may be able to get more dry hop like aromas from a lower temperature, but I'm going to dry hop too.
It seems to me like the hop stand is a valuable tool, but people are trying to make it the only tool in the shed. I find that it's a good addition for homebrewing the traditional Pliny clone recipe, but I prefer that one to the late hop only beers.