Is there currently - or has there ever
been - any serious or significant
problem with PHP's built-in session
handling?
No problems with the built-in handlers. Access and deletion of old session files are implemented well.
Is this reinventing the wheel? Or
improving on some flaws? What flaws?
File based session handling works fine for single server websites. Problems may arise when applications need to be run on multiple servers (scaled out). A master database can be used to store and provide session information across multiple servers. This can make things easier when an application is scaled out. Custom session handlers can be used to interact with the database.