It looks like a different way to accomplish the same end results. I can see the straps would be less noise than a chain set up. You would need to find a way to mark the straps so that you re-tensioned them to the same tension every time.
The chains will allow returning to the same setting by simply counting links. The chains would be less likely to wear.
From my years with a travel trailer, I found the old and proven Reese Dual Cam Straightline worked very well.
Like others have noted, the name Lippert is a turn off to me.
Ken...retired mechanical engineer.