Jeff can no doubt answer better than me, but I'll give it a shot. .
I just ordered the bag kit for the front end. Since I don't have a plow yet, I plan to just inflate them to level out the truck and then leave it there.
However, I do have an eye towards the rear system and an onboard compressor down the road. Then I should be able to adjust them on the fly. I see they also have a self leveling kit, which does it all automatically.
If one punctures (I am thinking of picking up an extra bag just for spares), I think it will deflate and rest on the internal "bumpstops" inside the bag. The truck would look silly, but probably still be drivable to some degree. But they use these things on semis, I don't see them as likely to fail. The way I think about it is we've already got air ride - our tires. They're rubber, and if they can hold the same amount of weight while being rolled over rough ground and sharp stuff, air bags should be fine.
Compelling reasons? I've always wanted an air suspension. The 5 link design is just made for it. I had a Jeep TJ and never got around to air bagging it, but I had thought about it (5 link front and rear). I think it'll ride better, it's adjustable in height, and I don't think bags sag over time like springs. I also do plan on a snow plow in a few years, and the bags should help carry that better.
All my stuff should be here by the end of the week, so maybe I can get them installed Saturday. . But I think I might have the wrong rear shock part number (Jeff thinks so at least), so don't order RS99267 until I compare them to my existing shocks. That won't stop me from doing the front end though.