Are we still talking concealed? The bobtail works by eliminating the corner which is the point of the gun sticking up the highest with a certain degree of cant. How it will aid in concealment will vary from person to person, and holster to holster as well as exactly where it's carried on the waist. The default answer is "YES" it can still aid in concealment pending on certain circumstances if carried OWB.
It does alter the feel of the grip, but I kind of like it. As for controlability, I kind of what to say it actually helps pending on hand size/shape, the cut angle rests right on the meaty portion of my palm and is very secure. The only reason I'm not 100% bought into that is that I haven't shot the bobtail enough to make an accurate comparison to my regular framed 1911s.
Here's some misc Bobtail pics, don't knock the pink grips, it's my wife's gun.
You can kind of gauge in the last one the way close might hang and how the corner could still poke out.