Yeah I've heard of it in other states. I think what people may have missed is that this is why the holster requirement for open carry. The idea is the state doesn't want you walking around in public with a handgun in your hand. If concealed you're obviously not. If you are open carrying then the thought is, it should stay in your holster until you are justified in drawing it. I guess you could open carry with it shoved your pants...
One possible advantage of open carry might be in an escalating threat situation, you could put your hand on your pistol in order to deter an agressor. Now you better be willing to draw it and use it if the threat justifies, but it gives another step before that. Now some people would argue that you should never threaten to use a gun unless you are justified in actually using it. Personally, I disagree. I want multiple steps to deter before I pull the trigger. Put hand on gun. Draw and point. Fire. Obviously very scenario dependent.