I don't think there is a silver bullet when it comes to tires and monitoring their condition.

No tire pressure monitoring device is going to warn of an impending blowout from a tire that is properly inflated. It won't warn of tread separation. It will warn of loss of air pressure but it could also fail to warn as Kevin points out.

Doing a pre-trip and periodic tire pressure check and inspection may also fail to detect issues.

I think the bottom line is that we should not place all our trust in any one method of checking tires and no matter what steps we take, or what devices we employ we still can have problems. Where I see red flags is when I hear owners place 100% faith in their method of checking tires. I have heard owners tell me they do not check their tires the old fashioned way because they can see the pressures on their tire monitoring system. Maybe they are comfortable relying on a mechanical device, but stuff fails. If I had such a device I would still feel the need to verify at least once the readings were accurate, and I would never stop my practice of visually looking at my tires on a walk around combined with running my hands over the portion of the tread I can easily reach to feel for nails or other defects such as cuts. Nothing is perfect, but we can approach perfection by stacking the deck in our favor by using multiple methods to verify tire condition, including using a temperature reading gun right after stopping to make sure all tire temps are the same.

If I were to stress any single issue that I see with tires it would be to never ever allow tire pressures to drop 20% below the required pressure for the weight the tire carries. As soon as a tire has been run at low pressure it is scrap, and while it may look perfect, and have good tread depth it may be damaged so bad it will fail catastrophically and without warning.