The Singh Ray filter is certainly going to be better quality than other Vari-ND's, but it has the same underlying optical issues (hourglass banding) with wide angle lenses and strong ND values that any other "two-polarizer" variable ND system has. Plus, two stacked polarizers will give you corner vignetting on wide angle lenses simply because of the filter ring depth.
Personally, I use a Lee filter holder in combination with solid ND filters for the Lee holder. I've got a Hitech 4 stop and a Lee 10 stop ND filter, in addition to the normal ND grads. I use a 1Ds III and 16-35mm II lens which has an 82mm filter size. If you have a lens with 77mm filters you have more options for solid screw in ND filters, such as B+W's 6 stop and 10 stop filters.