Meh, I just use a force air dryer. It works well, takes only about 15 minutes, and my dog is dry dry and not setting in wet fur for who knows how long. Keeps his skin in better shape than slowly air-drying.
I have a feeling something like this would only hold that water in, unless it was a very thin-haired dog (like Gavroche, but he air dries in 5-10 minutes anyway).
It also looks like it's microfiber, and I can't touch microfiber. Ewwwwwwwwww.