You are right, it is a different product, it isn't inherently better simply because it's perpetual. But it is quite interesting and provides different trading strategies to the standard futures contract. See https://www.bitmex.com/app/perpetualContractsGuide for a good explanation for how Bitmex's implementation works which is the most popular version.

I think a lot of exotic derivative contracts will be innovated in the crypto exchange networks, and those that become popular will eventually applied to traditional commodities and equities once the bureaucracy comes up with regulations in 5 to 10 years.