I'll actually answer your question.... I have one and have installed it on my reg (ATX-200). Never found the need to actually activate it. I took it off. It is a very simple device and I don't buy the "additional failure point" argument. It's an argument devised by cave divers, and I don't think it's all that big for your normal recreational diver.
It's a two part device. There's a metal tube that screws between your second stage and the hose. Inside of this is a permanently installed metal piece that would block all airflow except that there's a bunch of perforated holes on the outside of this tube and on either side of the obstruction. So, as is, if the reg is turned on, then it will freeflow through the perforations. So, the second part is a plastic sheath that wraps around the tube, slides back and forth, and can either cover both sets of holes or uncover both sets. There's a small chamber inside this sheath, so air can flow from one set of perforations to the other. When you need to choke it off, slide the sheath and cut off airflow. There's a double set of o-rings on either side of the sheath. If closed and subject to a first stage freeflow, the hose won't explode.... It just leaks out through the seals in the sheath.
I encontered two problems with it. First, it's pretty easy to accidentally choke off the flow while you're gearing up. It's very simple to just move the sheath and fix that problem. Second, it reduces the flow rate. I put it on a flow meter, but I don't remember how much it decreased the flow. Needless to say, I needed a flow meter to see it - not noticable otherwise.
With a high-end reg, I don't see a need for it. It might be useful on a Scubapro, though....