Eddie, a couple of answers to that. the
basically when i learned leading one of the most important thing impressed on me was when you constructed and anchor you assessed it with an "if you cut one place what would happen?" question. this cord fails that! in the end as far as i am concerned this system is faulty and i would not use it and would never EVER want to be jugging on it or being belayed from it! you yourself has admitted that you have HEARD of a case of webbing breaking! should that not be good enough! if it CAN happen it will! and as you have pointed out it has! interesting!
your next sentence really strikes a cord with me. "that it's wasted attention to put too many resources into backing that up." WTF. if you can waste all that time building a 3 f#$@ing piece anchor how could it be a waste of resources to back up a cordellet? are you F%$#ing kidding me? this game is played by the BACK EVERYTHING UP" mantra....well when i played it it did!
now you may be thinking what an ass i am....well an ass i may be! BUT you should reassess exactly how you are gambling and what the price is, for "an anchor getting cut is very very low". last time i checked low odds happen everyday! ever notice that with super low odds some one always wins the lottery?
if people are going to climb on my rope then they WILL back EVERYTHING up! or i rope solo! at least then i know what kind of safety my belayer subscribes to!
double eddie eddie