Is This PTZ Bullet Design More Practical Than Dome Style?

You can look more above the horizon, for example, IMO this is the only benefit.

Sometimes this is a need. But more often, not.

Wow.  Milesight is doing H.265.  To me, it looks more like a dummy camera.  All you need is a blinking red light....

Pelco has had the Esprit pan/tilt platform for years. Couple it with a "bullet" camera that has a zoom, and you have the same functionality. This format would allow for higher elevation angles than a typical PTZ so I'm not seeing a drawback, unless of course it's poorly built.

Continuous 340 degree pan?

I am more concerned about winter weather.  How do the mechanics in the pan and tilt cylinder stay warm and functional.  With a dome, all of the electronics and mechanics are within the environmental boundary, allowing a better heat and water protection solution.  I have been also skeptical about the IR integrated PTZ cameras for winter conditions (cold, snow, ice storms, etc) because of the seals required for long term use (and preset/moving tours). 

I must admit, that the upper limit on dome PTZ cameras, installed low or downhill, is a problem with a zoomed in view.  This has been a rare exception though.  Most exterior HD PTZ applications are mounted 20'+.  Axis has a special dome (had to look at this for mountain top video of wind turbines) that can look above the normal horizontal plane with extreme low temperature ratings.  (I live in Maine, so all cameras have to be -40 rated).