I think the only real advantage of this, compared to gas driven projectiles, is the lack of need for gas sealing and explosion resistance of the projectile. The projectile is accelerated much more gently. You can launch combustible, rather fragile and irregularly shaped projectiles. That said, I don't think there is much need for supersonic exit velocities for most scenarios. Maybe you could use it for impact testing without introducing a gas blast or the need of a gas sealing delivery vehicle. But I don't think you would opt for a gravity powered, purely mechanical device then.