I bought my first reg set in December 2010, and I thought the Miflex HP hose looked nifty, so I got one (the rest of the hoses came with the reg set and were rubber). I always wondered why my SPG didn't swivel (I would have to remember to set it in the proper orientation before opening the tank valve). I'm not sure which spool I have, but I think it came with the SPG, which is a HOG.
I never had a blowout although after reading about them I opened my tank valves veeeerrry slowly. I also never forced the SPG to swivel after it was pressurized.
One thing that always made me nervous about it was the way the weight of the SPG would cause the (unpressurized) hose to hang at a right angle just after the strain relief at the tank end. Especially on a bouncing boat. I tried to always clip off the SPG on an upper D-ring to avoid this.
As it turned out, the 24" seemed a tiny bit short, and I wanted to try a 26" hose, so I bought a rubber one. Ahhh, no more worries, which so far seems worth giving up the neat little hose (even if I were keeping the 24" length).
And.... with the same spool... my SPG swivels now
(And it's nice to know I was not the only one with a non-swiveling Miflex HP hose.)