Remember the Tasp from Larry Niven's Ringworld? They invented it.
newscientist.com
newscientist.com
I don't know about you, but I'm going to start investing in Fruit of the Loom RIGHT NOW.
Also, I could see this causing some serious psychological cognitive dissonance - the stimulation coming without any of the other physical and mental factors associated with orgasms. Kind of like when that Chinese guy got a penile transplant and he had to get it removed because his wife found it creepy.
Then again, think about how much young males would accomplish if they didn't spend all that time masturbating. Of course, they'd probably just do it more.
Maybe if you toned it down to non-orgasm status it would make my work day better...