Well it is a leverage bit and doesn't have a solid mouthpiece, so I wouldn't ever give it a second glance personally- but I have heard that some horses do prefer how much give that chain bits provide, in comparison to a solid mouthpiece. To me the bit doesn't make sense though, because you need a solid mouthpiece to neck rein with correct signals typically, yet this bit is a leverage design. It just sounds like a bit full of confusion to me!
ETA: No, it definitely would not work like a loose ring snaffle. Snaffles have no leverage, and are made for direct reining.
Works like a loose ring snaffle because it has a bit of a delay due to the mouthpiece sliding up and down, just like the wonder bit. The horse has a chance to react before the bit actually" bites", it can feel it moving up. Leverage, very little. I can see some horses like this type of chain better than a nutcracker mouthpiece.
Well, I've heard that the chain mouthpieces are quite mild and desirable for a lot of horses because of the diffusion of pressure on the mouth. I've always heard of it kind of like how a french link is sometimes more desirable than a snaffle because there's more pieces to it and doesn't have the nutcracker, the chain mouthpiece is even milder yet due to the many pieces. (from what I've heard, anyways. I can see the logic, myself).
This of course can be changed if the chainlinks are nice and fat and rounded, or if they're wire thin (as of course if it's too thin it's going to pinch and hurt anyways).
But combining a chain mouthpiece with those cheek pieces? I don't think I'd use it. If it was a snaffle I'd think about it.
I've used a Waterford bit with Mia before. She seemed to like it, and I guessed it was because it was so flexible in her mouth. I would feel pretty strange going to a chain bit, though. It looks to me like something that could cut the mouth.