Merkur still makes open comb heads for most of their DE razors. As for purpose of the teeth, I think they serve to bring the blade in closer contact with the skin. Although the blade gap is less than with a straight bar, between the teeth the blade is completely bare. This allows for a very close shave.
That said, many guys don't seem to like an open comb Merkur. I had mixed feelings about my HD open comb as well, until I discovered feather blades.
The combo of the comb and a feather is unsurpassed IMO. BBS shaves every time. The open comb has become my favorite razor.
I enjoy the open comb razors that I have -The NEW and the TTO Aristocrat are both great shavers. I feel that the open comb allowed more lather to stay on my face, making for a more comfortable shave. Nothing to be afraid of thats for sure. I always say that I would pick my NEW if I could only have one razor.