Yes, I think these little plastic worms might be a great bait in a variety of situations for a variety of fish! 
Here are a few thoughts from Ron on some of the possibilities:
Panfish, under a bobber with just a little bit of weight, cast it out and twitch it back in short ticks. No bobber, again a little bit of weight to cast it out there then maybe a count down and twitch it back slowly.
Stream trout, no weight, cast it up stream and let it drift through the holes or one could add a little weight to get it down a little. Here again, could probably use a small float or strike indicator or try without and watch or feel the strike.
River smallmouth, the exact same presentation for stream trout.
Lake smallmouth or large mouth bass, same presentation as for panfish.
Walleye/Saugers: Cast it out with some weight and retrieve it back while bouncing off the bottom. If drifting or slow trolling, more weight to keep in contact with the bottom.
Maybe, just maybe Lake of the Woods Ice-fishing. Weight it so it will get down there for the saugers. Hit the bottom, tighten up the line and hop, skip and bounce off the bottom, then raise it about 6 inches. That pause is probably when you will get the strike.
Good Fishing,
Mike