I'm a sceptic of the wild-cat and gimmic offenses. The one play to Thigpen worked. I don't mind it as a trick formation. I just get worried about that formation when it's instituted as much as the Dolphins do. It seems to be working for the Dolphins, but I don't think it'll work much longer.
One advantage to it though, allows you to put an extra blocker in the backfield for the ball carrier. Imagine running the I-formation with a QB, RB, and FB, but the QB is actually LJ, the FB is actually someone like a quick, backup OL and the RB being Cox. That gives you a formation with 2TEs, 6Olinemen, a FB, RB, and your QB split out. That formation would be great if you desperately needed a yard or two. The University of Texas runs a similar package with a DT as the fullback. I haven't seen the formation fail yet.