I use one of these RDG bladed parting tools all the time. I've got a couple of specially-ground 1/4" HSS parting tools for specific job, but the blade thing gets used for about 95% of parting.
Convex/concave effects are usually due to an out-of-square cutting edge causing a deflecting force that increases with the extension/depth of parting. Parting tool mounting out-of-square will produce similar effects. Of course, in the extreme you'll snap the tool, but things can be pretty bad before that happens.
Minimise the protrusion of the blade consistent with reaching the partoff depth required – if there's a hole through the centre of the piece you can reduce it further.
I think the wider edge of the blade should always be on the clamp side of the holder, because the support is sloped to bolster the disengaged (narrow) edge of the blade there. If you use a rear toolpost that whole holder with the blade fitted should be inverted.
I certainly can't say it never gives any trouble, but it does generally get the job done even if I have to fiddle about with settings partway through – and I never have so many bits to part off as to justify paying out for one of the very good carbide insert tools I sometimes use down at the railway.