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in terms of aesthetics or is it functionally flawed?
Aesthetics and function. They look horrible, and the bar which anchors the bolt heads is trying to open up the tube. It's possible that Look made the plug that the cradle rests on long enough to support the anchor bar, in which case it's just an aesthetic problem because that would isolate the rail clamping loads from the tube.
I'm not sure what, other than expediency, persuaded Look to go with that horrid design, but at least it was likely to have been lovingly hand crafted in Tunisia rather than thrown together in China :) Save a few pence and do the shop a favour by bypassing ebay if you decide to go for it http://occabike.fr/55-tiges-de-selle#/fabricant-look but personally if I wanted somebody in France to send me an inline 27.2 seat post I'd go with this https://www.acycles.co.uk/pro-lt-seatpost-black-offset-0mm-13062.html which is going to be about the same weight if you cut it to the same length, also available in the UK for a bit less once you factor in postage.