If we're talking about the ammo across all calibers, not just 9mm, I think it works. It's not the best defensive ammo out there, except in .380 where I do think it is the best because most .380 ammo is going to suffer from low expansion or no expansion. With .380 ARX, expansion isn't a concern and it penetrates pretty well.
With all the other choices in .38, .357, 9mm, .40, .45 and whatever else, there's better ammo out there for defense. There are good hollow points that will expand under a variety of circumstances, will penetrate very well, cause a lot more damage than this ARX ammo does.
The few benefits the ARX has is it should be reliable in feeding because it has a smooth bullet profile and it will have a bit less recoil.
I'm not too sure that the fluted nose stuff really means anything or does anything because the bullet weighs so little and is moving faster than traditional bullets are that once they hit tissue, they tumble, so the flutes aren't doing anything. Makes me wonder if the "practice" ammo wouldn't be a better choice given it costs half as much and you can practice more with the exact same ammo as you carry.
Overall, I like that the ammo exists, I think it has redeeming value, especially in .380. If overpenetration inside a dwelling is a concern, this ammo is frangible, so shooting through a wall will probably shatter the bullet and be less of a danger to others. It does significantly more damage than FMJ ammo does, but not as much as a hollow point does, so it's sort of in the middle there.
If you wanted to stock up on a lot of 9mm for whatever reason and you wanted an effective ammunition that did more damage than FMJ, but didn't want to spend the money on a bunch of JHP, this is an option.
It will do the same amount of damage out of a super short barrel as it will out of a full size barrel. So, for something like the 9mm LCR snub revolver, this would probably be one of the best choices to carry. Maybe the reduced recoil will prevent that bullet crimp people talk about in the 9mm LCR? Even in short barrel pistols, like 3 inch barrels, it will do fine.
So, yeah, there are some good reasons to keep this ammunition in mind. I do think though, that more traditional ammunition should be tested with first because I just think a hollow point is going to stop an attacker faster, more effectively than the ARX/Polycase ammo will, but that doesn't mean I think the ARX/Polycase ammo is a horrible choice. I just think there are some drawbacks to it that keep it from becoming this new wonder bullet.