First off, about its quality: this strap follows all other Planet Waves straps I've ever come into contact with, as they are all of excellent quality. I really can't ever find any little thing to blame these straps for, they are always very well made and of great durability and quality.
However, there's a small catch with this particular strap, and this has to do with the fact that it has leather. To be more exact, the bottom part of the strap - the one that is in touch with your body - is made of a fabric that tends to stick on clothes. As a result, this strap doesn't allow very easy manoeuvres, as it sticks on any position you initially lay it on your shoulder and doesn't slide from that, except if you pick it up with your hand and adjust its position while keeping it away from your clothes.
This can prove either good or bad, depending on the situation. For instance, the guitar I now use this strap on is a neck-heavy guitar, meaning that if I had a non-leathery-sticking strap, the guitar would constantly slide to the neck-down position every time I moved, a nuisance that is prevented by this strap. So for this situation, this strap is just perfect.
All in all, it is a very durable strap, very good build quality, but it only has this little quirk I previously described. If this is something you would like, go for it. If not, look for any other non-leather Planet Waves locking strap, as it will suit you better.