Yep the benefit gained is you can adjust the position of the VT up or down so you can pull on the tail under it if you want. The downside is you lose the advantage of a split tail when you're advancing your rope in the tree. Normally you just lanyard in, unclip the biner on the end of your main rope and move it up over a higher branch. This system takes a little more to "undo" to advance the rope.
I think setting an eye-to-eye split tail high so you pull under it is overrated, if you have a Pantin on your foot you can keep the VT (or whatever hitch you use) low and just pull rope above the hitch. Once you're up high enough the weight of the rope self tends through the hitch anyway so you'd only need the VT up high to get off the ground if you didn't want to use a Pantin or footlock the tail.
All that said it looks solid.
-moss