You're in luck, I just got one!
I too hated how the DIY elastic didn't hold the weight very well and thought that this would be a nice upgrade. I personally don't care for it. I feel like it sits too low and, seeing as I'm a heavier guy, it cuts in a bit much for my liking. The shaft opening is cuff like, which can be seen in the photo, and I don't believe it'd be possible to even get a proper sized cock in there. I know mine won't fit. If you're not big like I am, I think it can work out well. It holds your junk well, it has the jock type straps (which aren't stretchy btw), and it isn't super expensive.
So go for it, try it out, and see what happens unless I've deterred you. It's a good product, but not for me.