I like the look and my aging eyes appreciate the magnification on some of those small date fonts, but like other posters above it has to be executed right.
The 2 best that I have in my collection are probably my Rolex Sub and my Marathon SAR because both are easily readable in all kinds of light conditions.
Seiko has produced a couple with wierd cyclops: my Yellow Monster LE has a day-date display and the cyclops is elongated to cover both. I have a Pipin Pepetual (Quartz) which has a conical cyclops to blend in with a matching bump on the bezel at 3:00.
Those two and the cyclops on my TH 6000 can be hard to read in certain light conditions. The optics of those two implementations are just not quite right and reflections can block the view. Most annoying!
More importantly, there are a couple of others that I wish had a cyclops: My Stowa Seatime Pro Diver, Android Master Diver and a couple of others have such a small date that it's almost impossible to see.
On the other hand, my Glaschutte Original Sport Evo Panodate is really easy to read the date! :)