I have one and use it all of the time.
If your main goal is long exposures, then go with the wake up cable. This device really does not give you an advantage.
However, if you want to have multiple strobe bursts in the same digital capture (true multiple exposures like we did with film), this device allows you to do that.
Essentially, you would be manually controlling the length of the exposure without the shutters connected to your digital back, so the shutters snapping would have no effect on what the back does or reads, and have your strobes synced to the shutter. The back would see it as a long exposure, however long it took you to get through the all of the strobe burst.
FYI, only the P25+, P45+ and the newer IQ backs can do very long exposures well. I would say your limit, before noise becomes an issue, is 30 seconds.