specific piece of gear is bound to laud its benefits. (No offense intended, Jon).
I too have used a similar 'cheap' preventer/break system for many years of blue water sailing. With mine I use a double block tackle with a cam cleat on the bottom block. It is attached to the boom and the rail with snap shackles and the bitter end of the line led aft. Because of the double block it has a lot of power to both hold the boom down like a vang and prevent an accidental jibe.
If the wind does get behind the sail I can easily flick the line out of the cam cleat and pay out the line slowly to allow the jibe under full control. When the boom is settled on the opposite side the snap shackle is moved to the leeward rail and tightened.
This system has the drawback of having to switch to the other rail but that is because I'm too cheap to put a second system on for the other side.
A couple of blocks are not as cheap as a single 3/8's line but one hell of a lot cheaper than a commercial boom break which start around $350. The block and tackle also can double for other jobs such as hauling up a heavy outboard or dinghy.
I'm not against new fangled toys but do object to gear that is made for one specific purpose and very expensive when the same job has been done for years in a more simple way.
The boom break to me is just another piece of expensive gear not yet purchased by would be cruisers that they use as an excuse for not being ready to leave the dock.