Well as with everything to each there own! I love the wheel! I had an issue following and tracking back row players and the wheel REALLY makes it nice for me, again everyone is different, I am a visual person if your number is in the black you are back row! (my wheel is from get official too).
It works like you described, starters in the center of the "pie" (there is plenty of room to add a C for captain and an S for the setter if you want to track that) subs listed in the bigger section. I will square off the person that gets subbed out to make it easier to track who is in the game. example, in the 3rd spot in the rotation #4 starts so she is in the small section, #5 subs in so she is in the larger section near the line to the small section. Once #4 returns write 5 next to 4 in the large section then I make a box from the divider of the piece to the small section (two pencil lines) so #5 is inside the box and 4 is outside the box. Hope that makes sense. I have not had an issue with running out of room even in a LONG game, it took me all the way to the outside edge but I still had a couple more areas to write on.
Ya, it does take a mental thought to rotate the card, but to me it is easier than crossing the X and making the new line that most do on the former/next server. Also an easy way to check yourself for "overrotation" is to use the numbers on the card (1-6) if team A has first serve then they will always be 1 number above or even with team B depending on who is serving. ex #4 from team A is serving she is 5th in the lineup so I know that team B should have their wheel with position 4 in the RB spot. When team B serves their wheel position will be equal to team A's (both having the 5th position in the RB spot)
I use a mechanical pencil during the game, very few times to erase if I don't screw up!! One more tip is to get two wheels so you don't have to erase inbetween games! Card 1 has Team A on the right, Card 2 has team A on the left! now a lot of teams keep the same rotation so all you have to do is erase the subs on the large piece of the pie and you are ready to go with the next game!! I use a large indexing eraser (drafting style) for that and try hard to make sure to leave the crums on the table or floor NOT my shirt (which I agree can be an issue, but I had ink issues using index cards too). Eventually the cards get hard to erase so it is time for a cleaning, window cleaner or soap and water will make them return to their "new" state and they will stand up to a few weeks of use before needing another good cleaning.
Like I said before some veterns will turn up their nose at these wheels as they "see" the rotations and have more faith in the index card method. Personally I am able to identify and track rotation much better with the wheel, either is effective it is all what you get used to! Don't give in to peer pressure use the wheel love the wheel, the wheel is your friend!!