Interesting. The science is old, but it's a new application. It's similar to the concept that makes dimpled golf balls works. This is also known as a "turbulator". A concept used in lots of stuff. It's something that breaks up the laminar flow to switch it to turbulent flow earlier than normal. This delays the point where the turbulent flow separates (creating larger wake turbulence and more drag). It keeps the overall flow closer to the object, so this should both reduce overall drag as well as reduce the impact of random surface imperfections over the body of the bullet as they may act as individual turbulators, but just in random locations. Based upon Tubb's explanation, it seems to focus more on the second? As he was explaining and started to talk about plastic ballistic tipped projectiles I had the "ah-ha" moment just as he was explaining it. About how the seam between the tip and the bullet is doing the same thing this tool does. I do expect that uniformity of the edge of this cut is likely very important. In a way this is similar to meplat trimming/pointing.
I wonder if this also helps with the transition through the transonic range as well. Maybe making it more uniform? Watch this video from Smarter Every Day as it shows shock waves on the surface of a bullet while in the transonic range...