They aren't functionally any better than a 6 string baritone tuned down a lot without an extraordinary level of proficiency, and they lend themselves to wankery either as super-low tuning guitars, or to show off things that resemble exercises more than music. They are rarely utilized for the actual extended range, and while a handful of extraordinary guitarists do amazing things with them, most could do the same thing with a guitar tuned down to F# or a full octave to E.
The most common use is percussive playing on the two extra low-tuned strings - Meshuggah and Dino Cazares are examples of this, as they rarely use the high end and most/all of these songs could be played on a six string tuned low.
Some bands, like Portal, just use the low tuning and don't use half the strings on the guitar, but they have a lot of noise (or "atmosphere" if you prefer) from the low tuning, and minimal clarity of the actual playing. Again, this could be done on a low-tuned 6 string.
Then there are the guys who come up with exercises that use all eight strings and call them music - Animals as Leaders is probably the most prominent, and while Tosin is an incredibly proficient guitarist, all he does is play circles around people who fell asleep listening to his "music" - complexity for the sake of complexity while completely forgetting the building block of most guitar-oriented music, the riff.
I can think of three players who have impressed me with their use of 8 string guitars, and all of them use one extra bass and one extra treble string:
Chris Letchford of Scale the Summit - uses both the treble and bass strings with an unusual approach to music, difficult to explain concisely.
Rusty Cooley - Top notch guitar wanker, but he's glorious about it and really uses the high and low ends and everything in between when I have seen him play an 8.
Alexander Vynograd - Classical guitarist who came out with a way to emulate the left and right hands of a pianist on guitar... this video demonstrates it better than my words can:
http://www.youtube.com/watch?v=Q_tMjYxYTwAI have not heard Ihsahn's latest album on which he uses 8 strings yet, I need to give it a listen.
I have played a few 8 strings, made by ESP, Ibanez and Sherman, and I didn't like any of them. It is difficult to find a compromise between lighter guitar strings on the bottom and using bass strings, or bass-sized strings, for the low tuning. The scale length is also a difficult issue to resolve, on a 25.5" scale, it's hard to find a compromise of action height, string size/tension, and tone, but on a longer scale length, up to 30", the top strings face the same issues and become difficult to play. Multi-scale-length/fanned fret guitars are not worth playing as far as I am concerned, there is too much to change about your playing for what you gain. Finally, I don't have any reason to play an 8 string, if I want to tune really low, I'll use a baritone, and if I want to tune an octave down, I'll use distortion on a bass - there are a lot of interesting options for using a bass differently, such as the 12 string (tripled 4 string) bass sometimes used by Jeff Matz of High on Fire.