Yes and No.
I have something very similar from EZ-Jax ( http://www.ezjax.com/ ). I am surprised but pleased that after seven years the elastic is still good. Comparing the two systems it seems that the EZ-Jax are a little easier to install and use. There are no lines to uncleat and cleat. Just unsnap from the mast and move to the boom. But it might be better to not rely on long "bungees", you choose.