I had an accident, damaging nerves, and was incontinent for a while. The nursing solution was an external catheter rather than diapers. For a couple days they used a Cunningham Clamp
http://www.vitalitymedical.com/bard-adjustable-cunningham-clamp-1.html?utm_source=adCenter&utm_medium=cpc&utm_term=penis%20clamp&utm_campaign=Incontinence
This device is similar to the one in the original post. But the heavy foam padding makes the Cunningham device comfortable to wear, meaning there's no pain. It's still intrusive, sticking out of each side of the penis. The nurse would apply this to my penis (my hands were injured) after I urinated and release it periodically to allow bladder drainage. A couple times the nurse didn't come for a while and I suffered considerable bladder fullness discomfort. It's not fun to squirm for half an hour.
I never got accustomed to the nurses' use of the penis clamp. I always felt embarrassed and humiliated. I had a skin issue with the external catheter, so my nurse decided to use a penis clamp. When it arrived from central supply, the aide took off my Uro-Sheath & opened the penis clamp. They come in sizes, and this one was a large, while I'm not well endowed. She used the intercom to talk to the ward clerk, asking her to order a 'small.' I could imagine everyone at the nurses' station hearing that. When I needed to urinate, the nurse/aide would expose me, spread my legs, and put a bedpan between the legs, release the clamp. After I urinated she would pull on the head of my penis to stretch it out, and snap it back on. The most humiliating experience was getting a shower, and having to walk around in front of the aide, naked with the clamp on my penis. After that I begged the nurse to go back to the Uro-Sheath. At least that only required care twice a day, and there were no periods of urinary retention.