It's got me out of trouble before.
There are different brands of it under different names but it's all similar stuff, it just runs in liquid form inside your tyre then once a puncture occurs it will plug the hole and solidify.
I used it a few years ago when i had a slow leak on a tyre that had a decent amount of tread on it so thought i'd give it a go.
Pro's: Tyre literally stays the same if punctured. I rode a few miles to a tyre place with a nail still in place with the tyre fully inflated, after i'd heard the pop of it going in, then the noise of the nail on the road.
Perfect if you're going touring or somewhere obscure where a puncture could be troublesome.
Con's: Can be tough to get inside the tyre, you'll need a proper airline, and something to poke down the valve as beads of rubber can jam it up. It's certainly not as straightforward as just pouring it in.
Nobody will repair a tyre with this stuff inside, it's way too messy and time consuming to even attempt to fit a plug for example.