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As for additional failure points, I really can't agree with you beyond the theoretical level. The design of the unit is such that it's still a continuous webbing harness - no additional buckles have been added. The plate is still the hub for rigid attachments. I would argue that if you trust any of the bolts attached to your current plate, the cinch plate adds essentially no new measurable risk.
I'm not a Halcyon apologist by any means
(I'm a very new owner), but here's how I see it...
- Even with the cinch plate installed, there are still exponentially less failure points per square-inch than a conventional recreational BC.
- With the cinch plate installed, the harness is actually several times easier to don/doff when compared to my Scubapro Knighthawk. I get the stability of the BP/W/harness setup, and none of the hassles associated with getting in and out of them.
- If I ever decide to ditch the cinch and go with a fixed harness, all I need is a screwdriver, a $12 webbing kit, and a few tri-glides. I've still got a standard Halcyon SS plate with an Eclipse wing.
Honestly, it seemed a bit gimmicky to me at first when I read about it online. Once I sat down with a unit and got some hands-on time with it, I was sold. I think that as more people have a chance to try it out they'll see that it's just a really clever way for Halcyon to make the BP/W a bit more convenient/approachable without significantly compromising the rig's performance.