I am using the strap since 2009 and it has no signs of ripping apart. The length of the strap suits me fine (I am 1.9 m tall). The strap is rather narrow and it stresses the shoulder in an hour or so. Even worse if you get the plastic "length slider" straight on your shoulder.
The worst thing about the strap is if I take my guitar (ax-50) by the strap and lift it up from the sofa (let's say), one of the holders gets loose and guitar slips away from the strap. I had this accident many times. I am lucky, though, to catch a guitar before it smashes down to the floor.
pros: cheap, durable, functional;
cons: rather narrow, in certain circumstances guitar may slip away from the strap.