This is useful in more ways than I can count and I think almost anyone looking to collect customized data upon product purchase will benefit from it greatly.
Here’s how it should/could work:
Keep the “Additional Information” element as an option on the checkout page.
Get rid of the ability to toggle on/off the 3 options this currently limits us to and instead allow for virtually unlimited customization.
Then give us the ability to conditionally hide/reveal each form element based on the product being purchased. This would become handy if a certain product requires additional information that another product does not.