Shoe Goo, by its very nature, is designed to take a pounding. Being that it plugs holes in the soles of shoes.
I go a whole season with it on the end of my bat, and it's still going strong by the end. It's tough stuff. Mind you, that may say more about my length of time at the crease than anything else...
It does a better job than a flappy toe guard. It does offer protection from bat tapping and running your bat into the crease, and provides protection from moisture. It's also lightweight and flexible.
It won't mitigate the danger of the toe cracking from a quick yorker, though - but nothing does.
It takes a bit of care, but it can look very neat. Just don't lick it! (It's probably carconogenic.)