It is named "EarlyBird Check-In". Which is exactly what it is. The huge advantage for me is not having to drop everything to check-in at the magical 24-hour mark. It is done automatically. From the SWA website: Whether you choose to print your boarding pass the day before or just hours before the flight, your confirmed boarding position will be ready and waiting for you. Now you can print your boarding pass as your schedule allows.

You will definitely board earlier than if you wait and do it yourself at T-24. Again from their website: We'll automatically check you in and assign your boarding position within 36 hours of your flight's departure - that's 12 hours before general boarding positions become available. While EarlyBird Check-In doesn't guarantee an A boarding position, it improves your seat selection options to help you get your favorite seat.

I don't consider the policy fleecing the public at all. No one is required to purchase it. You just have to be aware of what you are buying.