I have been toying with this for a while, but a slight adjustment on hand positioning from that video has locked it down for me. I am now hitting this move all the time. A lot of the neckties seem tough to hit on aware opponents, but because of the arm positioning, it's easier to set this one up, and you also don't have to commit as much as you do to, say, the japanese or peruvian neckties. If you lose the choke, you still have the seatbelt. I think this will become THE necktie eventually - it's brilliant, efficient, and really effective.
Also, some names I was toying with before I saw the video were based on the complex mess of tangled arms and legs that you make with your grips. I was on the fence between two: the "Neck Knot", and leaning towards the "Gordian Necktie".