Aren't they essentially just glorified galvanometers like the Scientology e-meter?
Conclusion is still that it's nowhere near reliable enough to be used for anything, but the principle that people show physiological responses when answering truthfully or not about things is sort of true (I don't think that was ever under debate, still was a fun experiment).
Are you sure that's true? In medicine, apparently placebos have an effect even if you know that it's a placebo. I imagine that even if you know that it's theoretically useless, being hooked up to a machine that can read your vitals while lying would still be nerve wracking.