Since the knot method is as simple as it gets, ....there must be some additional function to this setup with all the extra hardware. Does it eliminate the need for a boom vang? I am real curious about what it does and how it works?
Wow, that's pretty impressive. But I don't think a traveller like this is necessary for a boat like ours. The idea behind a traveller is that by moving the mainsheet block leeward when close hauled in high air, you should be able to keep the boat from heeling too much without having to ease the mainsheet (and depowering the sail). As we generally keep our boats pretty flat by hiking out in that situation (and keep the boom as close to center as possible...hence the "knot"), I doubt this would make much of a difference for us. Now on a larger keel boat, a traveller is necessary because the boat naturally heels when heading up, but to keep it from heeling too much (and developing more weather helm and becoming unstable), you can change the mainsail's angle of attack by moving the mainsheet block. Seems way too complicated for a C 14.2, but I must say it looks pretty cool!
I just looked up the specifications for the Rhodes 19 (see below). This is a way different boat than a C 14.2. Much heavier and I wonder if the person who came up with this traveller configuration has the keel version. That would make more sense.
The Lightning uses a similar system allowing the trimmer to adjust travel car height as well as travel car lee or weather. If I recall right the Rhodes 19 uses the lightning rig in their boats.
The system would be overkill for the C14.2 and wouldn't fit class rules (Not an issue if you don't race in class). A simple non class legal upgrade would be a Snipe type continuous travel bridle/main sheet . Combined with vang sheeting, you'd be good to go.
At the end of this video the guy explains how the Laser II has an adjustable height on its traveler, his seems like a cool set up, not necessary for our boat, but if you really want to get creative something like this looks like it would do the job. http://www.intensitysails.com/laiisapaandg.html