Well so far, all the Chinese lifters are winning gold, except the one who wasn't wearing his Nikes. Even this morning Lu Yong wore them as he managed to tie Rybakov's world record total despite not wearing "burn your retinas" red. Not that I actually believe their shoe choice makes any difference compared to a lifetime of training.
I don't know enough to compare them to another shoe, but I believe I saw that the heel is made of some resin that is harder and lighter than wood. I believe Adidas had introduced a shoe at one point with a resin instead of wood heel as well, but has returned to the wood heels since lifters say they prefer it. I suppose it will come down to a matter of preference and what most people are used to. I know for skates when they first introduced the composite outsole, everyone still wanted the plastic because of the way it flexed, now you can barely find a top end skate without the composite.