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Do they work? Dunno. Are they cheap chip insurance in the event they do work? Yes. I installed them at 59 miles so I'll never know. I'll just assume they do.
They do help but there are still some problem areas. On my Z51, the rocker panel area in front of the rear tires got hammered by the loose gravel while running the 3 Twisted Sisters in the Texas Hill Country. Another area that's very vulnerable is the rear fascia right behind the rear tires. Those sticky tires sling up everything. It would have been much worse without the front and rear splash guards. Easy to install and I also think they look great.
I had mine installed by the dealer yesterday. They were putting on my wing and offered to install the splash guards for free. They are hardly noticeable but look like they will help keeping some of the road junk off the paint.