It's not the string spliiter, but is the same style with no circular sight to look through. Personally I haven't used one, my neighbor has and I believe its the cause of him missing several deer this year. Granted it allows for easier sight of your pins in a fading light situation, it doesn't however, allow you to know if your anchor point is high or low in the heat of the moment.
Follow me on this, with a round peep you can see if your off by the orange ring on your sight cage not aligning behind the peep. Using a string splitter type sight, you can't tell if your off or not and throw in a raised blood pressure in a heat of the moment situation. If your off of your normal anchor, you will shoot high or low and in his case he is shooting high. Yes, he's got string knots tied on his string for anchor points.
Now, if your a calm, cool cuccumber during a shot, I'd recommend one. I've been bowhunting for nearly 20 years and would take the chance on missing a buck of the life time because I've got my strings split enough to let the sun travel through. I'll stick with my round peep and give up a few minutes of shooting light.