I submit that this is essentially the same as cello on / off in my opinion. The distinction therefore, I believe, is whether or not you want the cigar to age faster, or slower. IF the tobacco is able to interact with humidified/rh controlled air, that tobacco will age faster than tobacco that is in an environment where the same air is scarcely available.
Observation:
This is something that I have experienced first-hand with some J21s. In mid-2010, Jack D at GSCC once gave me an OR Tat J21 that was a promo bundle - came in individual cellos - and a J21 from a 2004 box code. Same year, however, the cello-on J21 tasted "newer" than the box-kept J21. Of course, the controls in this experiment have to be constant temp/rh - which were properly observed at the b&m.
Theory:
If you submerge the tube into water, does water get inside? If so, then air does too - but clearly at a slower rate than if you dunked a naked cigar in water. Thus, a cigar in a tube is akin to a cigar in a cello.
Argument:
The cedar sleeve in the tube acts as a little humidor as well, as definition, given the above case. However, if the cigars are left in the same temp/rh humidor (one inside tube and the other naked), then I submit that there must be no significant difference, as it is essentially the same environment.
Therefore, it all comes down to how you want the cigar aged. Faster, or slower - given that the given controls of temp/rh are the same.
Thoughts?