Jon,
I'm glad to hear there have been no reported failures. That is encouraging.
It would be interesting to do a stress test on half dozen or so to see where the fail point might be. If I'm not mistaken, the strap is rated for up to 15 pounds, which is about a 50% margin of safety for, let's say my 300 plus one series. For whatever it's worth, the S-biners I am using on this application is rated at 25 lbs. I'm probably just being paranoid, as I said in my original post.....it's just that I have had too many light weight plastic parts fail over the years. I have a theory, and I will admit this is TOTAL speculation on my part, because I am not an engineer nor am I a chemist involved in production of plastics.....but my limited observation over the years has been that some plastic materials seem to get brittle and lose strength after a long period of time. Possibly that contributes to failure. Again, I have no empirical data, so no way can I quantify or verify any of that.
I will say the stitching looks well executed in a proper manner on my op tech strap, so I would expect that part to be good. I do see your point on the possibility of the neoprene part failing though, especially if it got accidentally cut partially.
Over the years, I've never had a properly stitched/reinforced joint fail....what I have had ( and have seen, numerours times ) fail is long stitched seams. This is a common fail point on motorcycle rider gear ( leather and textile alike ) in a crash where there are impact forces upon hitting the ground.
Failure anylisis is an interesting science, and of course, it usually comes down to the weakest link in the chain. In my feeble little rookie mind, I saw those buckles as the weak link.....so I cut 'em off ! 

I'm certainly not trying to knock the op tech strap....I really do like using it.