I learned this knot as the GRB - "Guide's Rappel Brake" and also as an autoblock. There are several entries each year in "Accidents in North American Mountaineering" that describe failure to properly use a mechanical belay device. I recall no accidents as the result of a faulty autoblock knot. This knot is aligned with the KISS principle from software engineering. It is remarkably simple and effective.
Interesting to read this story of its origin.