I love the product. It's exactly what the description says it is: comfortable, convenient, and the embedded steel wire certainly brings peace of mind. If the product looks like something you'd want, it will most likely suit your needs beautifully. The elastic-y bounce controller makes for an especially comfortable camera-lugging experience.
However.
The $500 dollar insurance (on the model with the steel wire insert) should not factor into your purchase decision. First of all, I purchased this product in July and the insurance expires on October 1st. That's 3 months.
Second, for legal reasons, this insurance is offered for free to the consumer, i.e. not embedded into the price. I've noticed that some of these straps are selling at a higher price "with insurance" and for less without. Do not be fooled, they all come with the insurance. Get the cheapest one you can.
Third, to cash in on the insurance, one must submit 1) a police report thoroughly detailing that the camera was cut off of your person through the cord, and 2) the strap itself. The problem here is that if the strap is cut, it's probably going to be stolen with the camera and you won't be getting that $500.
Fourth, your camera and accessories attached to it (which aren't covered, by the way) are worth far greater than $500.
To conclude, this is an awesome product with a stupid marketing ploy attached to it. I fully support the strap, just don't let the insurance factor into your purchase.