Square hubs are known as "FG" style hubs. It's basically the standard for large scale 1/5-1/6 road cars.
There's several other companies that use it smartech,nutech and Carson - to name a few.
It makes it cheap + easy to swap wheels between different makers.
Not all though - some use hex style.
FG 2spd issues - are/were:
Very finicky to set up + maintain. Main issues were design + getting it to shift into 2nd gear and setting shift point(pin).
Wrong Installation errors by company didn't help either.
There are fixes but a lot of people wrote them off by then.
(I think there are issue answers in the forum here,do a search.)
Also the fact different pn# for each vehicle type got confusing.
2wd car : FG Evo was a different then FG 2wd sportsline pn#. 2wd,4wd and buggy along with chassis size, all different pn#s.
Then parts had to be changed to make room for the new gearing clearance, like rear arms etc.
It's not a simple drop in add on,in some cases.
But there's alot of people that get it to work fine, Soo...YMV.
If it's difficult to use and maintain,it gets cast aside for an easier setup,especially when racing.
To use one now - research if your particular vehicle ever had a 2spd. The closer it is to FG, the better.
Some have no issues at all and others use them on models besides FG with a little modding and work fine using orig design.
(case by case of course.)
Aftermarket designed ones available now seem to work a lot better, I only say that in regards to FG.
Issues from decades ago are still parroted as fact today -
Mostly as hearsay.
These have been around for a long time and most companies moved on from multi gearing for simplicity.
As long as you know the potential issue and fixes,you can make your own choice.
I've always wanted one,I'll probably get it in the future.
For now my current gearing is the same as the high (2nd gear)
,so no point (I have a stronger engine to make up for missing low end gearing)
It's deffinitely cool to say " I have a 2speed".?
If you do go for it be carefull if you buying from eBay,there are some "FG clone 2spds" made in China.
Real are from Germany.
I've seen videos of this aftermarket one working well.
If I get one it'll probably be this one. If any issues at least I can talk to them about it.(texted company)
https://www.ebay.com/itm/113802300870
So I hope this help in your decision on 2spds.