The big defect in this method is that it is not detectable -or barely so.
So, a woman would have to trust a man when he said he had this birth control procedure done. So, if she is not on the pill, your new GF is still probably going to insist that you use a condom.
However, if you are just trying to avoid becoming a father and do not trust a woman when she says SHE is on the pill, this is great.
Imagine how different Antonio Cromartie's life would be if he had this done when he was about 17.
When I saw the title of the thread I thought it was about the 3month long birth contol pill I read about that is in development. This sounds interesting.
And as far as the last claim about destroying HIV the comment suggested it could, which in print most people read as "does". Sounds to me that they think it might have the same effect on HIV that it has on sperm. Or that they know it does, but since HIV can also be spread through blood they know that it is not 100 effective since bleeding can still occur anywhere on the penis.