VPI Ring Clamp

There is one side benefit of the outer ring. It places less stress on your cartridge, as the record is completely flat so VTA is easier to adjust and your cartridge will last longer.

I believe the outer clamp is a good thing and the new version with the felt on the inside is easier to take off and on.
It does sound a little more focused and is more natural in the treble. With the outer ring under the LP the sound is a liottle livelier/brighter. That can be a good or no so good thing depending on your system tone.
It will ensure your cartridge last longer as it is always tracking with a nice straight piece of vinyl, rather than going up and down warps however small.
The last and most important question to ask youself is - are you prepared to go to the hasstle of taking off and putting the outer ring for every LP you play.
I agree with Jameswei and 500 bucks is well spent.

I have had my HRX for about 18 mnths now. Both rubber belt around the platter have cracked and broken. Also I have had one of the motor belts snap as well.

Have you guys noticed that if you look cafefully around there are cracks all around the rubber belts.

I think that this is just the rubber drying out and naturally craking, then breaking. Nothing to do with chemicals or anything.