This is sherrill's solution for a 12 strand splice. The grillion lanyard is the same thing too.
Looks like it would snag in a crotch and wouldn't even fit through the small ring of a friction saver. Maybe not though.
You are certainly right Jonny. But to Sherrill's credit there is a note in their catalog stating that the stitched eye splice is only really good for lanyards and split tails, not recommended for climbing lines.