One difference between the two it that the Prussik is much easier to release after it's been jammed.
For ascending, I believe their recommendation was to use a traditional single prussik for the harness, and this for the leg loop. This is certainly easier to move up an untensioned rope than a traditional prussik, but may also slip slightly more readily, I think.
Personally, I've used it mainly as a backup when abseiling; I can't understand why it's not universally used there (attached to leg-loop and below the abseil device) - you just keep your hand on it and it will allow descent, let go or allow it to move up and you are stopped.