At work (we do steel fabrication) we use this stuff a lot when we have to repair (weld) already-galvanized pieces during installation of handrail, stairs, etc.
For what it is, it works reasonably well. It doesn't have the thickness of true hot-dip galvanizing, but it does protect the metal moreso than your typical paint.
I'm not sure I understand the talk about not sealing anything, when the stuff dries, it leaves a film coating much like a paint. In fact when you use it, if not for the zinc particles (dust) you'll see while spraying, in a nutshell it sprays, looks and dries like a silver paint, but you get the added protection of the zinc.