It works. I've used a similar product called "Slime".
The limitations are about the same as you'd find with a plug or a patch. In other words, nothing can fix a sliced tire. Likewise, you can't repair a tire with a hole in the sidewall.
I know there's a difference in the composition of the Ride-On product and Slime, but I think there's enough of a similarity that this description will help.
When you put Slime in, it distributes itself across the tread area because of centrifugal force. When a puncture occurs, the material is forced out of the hole by the air pressure. Slime has a lot of fibers held in suspension. Those get jammed into the puncture location, while what escapes is a clear green liquid. I think of it as like a log jam on a river that backs up the water.
On my 2007 400, I got a screw in the rear tire. I asked for advice and some of the people said to replace the tire. Others said to repair the tire. I elected to replace it. After about $120, I was back on the road again. About two months later, I got a tinie, tiny, itsy bitsy cotter pin in the rear tire. I pulled it out and it leaked just barely. I decided to use some Slime I had on the shelf instead of going into the house to tell my wife who didn't like me riding, that I was going to spend more money to fix this scooter that was saving us money. I just couldn't go there. Well, the Slime worked.
More months and thousands of miles went by and I got a large nail in the rear tire. I pulled the nail out in the garage and the air started gushing out. I rotated the tire so the puncture location was at 6 o'clock. A couple tablespoons of clear liquid came out and the air stopped. I left it like that overnight and checked the air over the next couple weeks. No leak. I got another puncture after that in the same rear tire. At 15,000 miles, I changed the tire finally.
When I changed it, I asked to be there to see for myself if the rumors were true. Supposedly, there would be a HUGE mess all over and the alloy rim would be corroded. Nothing could be further from the truth. There was some dried on Slime on the hub where it had dripped and baked. Otherwise, all of it was inside the tire and the "green" color had faded away. Nothing dripped. There was no corrosion on the rim. And cleanup wasn't that bad. It's water soluble.
You will find a mess if you put it in, then change the tire a few weeks down the road before it skins over. So make sure you warn the tire shop. Since the motorcycle dealers sell Slime/Ride-On in their parts department, it would be hard for them to refuse to work on the tire.
I did have one bad experience, and I don't really fault the Slime product. I was going down the freeway at 60 mph when a large roofing nail went in...and back out. The centrifugal force shot the stuff out the hole. If the nail had stayed in till I could take it out when stopped and do like I had before, I have little doubt it would've fixed the hole.
And Ride-On supposedly acts like the balance beads to balance your tires.