I was in an airbag-deploying accident about a year ago, and ended up with some pretty good bruises / rashes on my arms. I think I was at 10 and 2, roughly.
In the "ideal" case where you hit something and your hands remain at the 9 and 3 positions, this would be great. But I'm willing to wager that for most accidents, there is at least 0.2 seconds of [unprintable], in which case you will try to swerve out of the way. In this case, as was the case for me, your hands and arms will inevitably be right in front of the airbag, since you're twisting the wheel in an effort to go around whatever it is in front of you. The airbag goes off and your arms get pinned between the airbag and your chest ... or worse.
So, I applaud the intent to keep your arms and hands out of the way with the 9 and 3 o'clock positions, but I just don't think it will do any good in most real-world situations.