OK, subsurface hardpan would normally be down to repeated ploughing (generally in an agricultural context) and it would cut under the top horizon and compact the lower. Most hardpans caused by anything other than chronic tillage (more likely in an urban forestry context) are in the top of the soil. When I think of a tree that's suffering from compaction, I would normally be considering a tree that's begun life in a reasonably porous soil (which has allowed it to get to tree-size- this would not be likely in a tree growing with a relatively deep hardpan) which has become more and more trafficked by people, mowing, car parking etc, compacting the top of the soil and which has gradually affected the tree's vitality. Given the size of this device, I'm guessing it would only penetrate a "surface" hardpan anyway?
I can imagine that, like radial tranching or similar, this would have some sort of benefical effect provided the lower, uncompacted soil (and ideally subsoil) was permeable (i.e. the water had somewhere to drain to). How many holes do you typically have to make to have a commercially-useful effect for, let's say a 600mm dbh largish garden tree, and how long would it take to do?
You mention inoculation in your post. Are you referring to the effect of Guy putting in the healthy roots from another tree with gravel, or some sort of commercial mycorrhizzal product? The jury still seems to be out over here about mycorhyizzal inoculants on established trees (although I can imagine the benefits of container-grown nursery stock), but is it established practice in the US?