Like so many things, if you don't need it, don't worry about it. Simple.
If you need it, it works, and works well. I prefer Chamois Butt'r to the Euro style -- no need to get my attention down there!
"I remember this time" story. On a week-long, 300 rider supported ride, and one of the things the pre-ride booklet recommended was chamois cream. I was walking past a first aid tent where a rider had just found out he needed it, and was loudly pleading for the first aid tent to give him some! They didn't have any, so I stopped and mentioned the mechanics' tent up the hill was associated with a bike shop and was selling Chamois Butt'r. Last saw him hobbling up the hill -- it was probably the best $15 he ever spent!
Still wonder why people pony up a few grand to go on a ride like that and don't bother reading the information they send you...