I have never seen mud that was of a consistent nature throughout. Slick greasy mud on top of dry base, or deep bog without a reachable bottom, each situation offers a broad spectrum of materials. In liquidy situations, the siping may do very little because there is no surface against which the siping can work, but unless you are trying to float across a lake, pure liquid is rarely an issue. By siping an otherwise strictly displacement-type tire, you reach for the best of both worlds, and in my opinion, you will increase the potential performance of the tire. Since I have seen this actually work in the real world, I base the opinion on experience.
The situation where I saw the siping of a Swamper outperform Boggers was in Alaska. I had destroyed a front axle u-joint way out on a trail on top of the Talkeetna Mountains (Purches Creek trail in case you know where that one is), and at the mid-point of the trail, decided to return the way I had come rather than exit through the lower, bog trail because I preferred the trail behind me in my crippled state. One of the group was the fellow who was our teammate for the 2003 Outback Challenge, Eddie Angel, in his 1997 TJ. Our vehicles, other than suspension, are incredibly similar. They weigh the same within about 100 pounds, have the same peak power, same Currie axles, Altas II T-case, etc. The only real difference between us was my leaf spring rear suspension, and I was using custom cut and siped 36x12.5x15 Swampers with 50 percent of available tread, and Eddie was using 37x13x15 nearly new Boggers. He has a Detroit in the rear, and I have ARB. We both use 4.88 gears.
On the way out, I had only rear wheel drive. Eddie chose to use rear wheel drive to keep things even, and to assist in finding usable lines and predicting results in getting me out of a very hard spot. Climbing out of the Purches Creek valley, the trail is rocky, muddy, twisting, and steep, sometimes all at the same time. With the cut and siped Swampers, I climbed that slick trail without issue, while Eddie slipped all over the place wherever conditions were not purely deep mud.
The trail condition was probably closer to what you might find in the lower 48 and eastern woods trails -- greasy 2 inches to 4 inches on top of firm, wet dirt with scattered rock and boulders and lots of steep climbs thrown in. Under those conditions, I simply outclimbed Eddie with his Boggers. I was also displacing and throwing more and larger chunks of the trail than his Boggers were doing, even though I had a lot less tread depth and a lower void ratio. I can only attribute this to the block cutting and siping I had done which turned a non-directional Swamper into a nearly directional pattern with lots of extra traction edges.
All I can say is that traction is where you find it, and that unless you are paddling your way through bottomless goo, siping will help.