I have done many many forms of sprint training including this.
Careful with these chutes though. On windy days they will go all over the places while sprinting and will more than likely get tangled in your legs and trip you. It has happened many times to me.
My track coach was a world class sprinter and the head track coach at UTA (university of texas at arlington). I can tell you from personal experience, and from him making us do it, that it WILL increase your speed to a certain point. But what we would do is run with it bunch up in our hand and then throw it out behind us, all while trying to sprint as fast as you can for a certain distance. Continue the sprint after it is deployed.
We also had this one device that you put a belt around you and on the other end it was anchored and had a piston type device to provide the resistance. Using it over and over without letting it cool would cause the apparatus to burn up due to resistance, so we would squirt it with
water after each use. You pretty much felt like you were running in place, but your legs were pumping as fast as you could.
Another similar device used, was essentially 2 pieces of rope (for lack of a better term) that were attached with heavy duty velcro. On one end you had it around your waste, the other your partner held onto and tried to provide resistance while slowly running behind you while you went all out in front. Then he would cut you lose by ripping the velcro appart and you would shoot off towards your set distance.
Foot quickness drills such as ladders and tires are also good to develope the explosive speed you need for sprints.
We did what we called "Skip A" and "Skip B" too. Skip A was just a high knee, but not a running high knee. You skip. Get it? Skip B you start the same way as a high knee, but at the appex you would snap your leg out infront of you, and drive your toe to the ground, pulling it down back directly under your hips as fast as you could.
We also did the (from what I have seen) now common hurtle drills.
Sprint set distances in increments such as sprint 4x100meters, 3x200, meters 2x300 meters, and 1x400 meters (this is already posted on other
Workouts
on this site)
I'll let you know that I am not a professional coach or have a degree in this, but I have had the opportunity to receive training from people who are professionals and have degrees. I got my legit (electronic) 40 time down to 4.45 on grass during a football combine wearing bulky football cleats. Track times in track shoes would have been faster.
Do the shuttle drill. Very similar to basketball suicides. My shuttle in cleats on grass was a 4.21ish. That was with hand touching the line. Not foot like most cheaters out there.
I wish I could remember all the stuff I used to do. But when I see post like this, it jogs the memory. I know i'm leaving out a bunch of drills but I just can't remember them.
So after throwing all my thoughts down as they came into my head, that drill will definitely not hurt to increase your sprinting. If you have the money, do it.
Edit: oh, and PLYOMETRICS. They hurt so good and are very important. Such as box jumps, jumping rope, all that good stuff. There are way too many ways to do these to name. Do some googling.