Unfortunately, it's not quite the same as the BlackRapid system, though it looks fine in the vid, and if you're not wearing a coat or jacket AND are using a "slippy" strap without a padded shoulder grip it probably will work ok ... but ... the Strap Buddy requires the entire strap to rotate around your body when raising the camera to shooting position - with a BR, the entire strap including the padded "grippy" shoulder section, stays in place - and the camera slides up along the strap. Much more fluid in use especially if you're wearing a coat!
I use an RS-4 with a FastenR-2 as it lets me keep the tripod QR plate permanently attached to the camera body and just unclip the strap when mounting the camera - no dangling straps to get in the way or to catch on tripod knobs etc when unmounting the camera again - one heart-stopping incident when my standard Nikon strap snagged, resulting in a drop (onto grass, thankfully) convinced me that 50 odd quid for a BlackRapid might be worth the outlay.
Totally agree with your sentiment about the pricing though - apart from the quality engineering of the metal parts, its hard to see where the expense lies!