Would they help on climbs?
I'm no expert in biomechanics, but my gut feeling is that they would help on the steepest climbs, where you were standing up on the pedals, if the flattened parts of the ellipsis were at the same point as the cranks. The downward drive of the foot would push through more teeth on the sprocket than a conventional chain ring.
However, when seated, there would be two points on each revolution where turning the crank would cause fractionally more resistance in each revolution, and this might give rise to the sore knees.
Have I got this right? I'm sure there are cleverer people that me who could explain it.