The above-described splice is also known as a "Molly Hogan". The numbers describing its strength are in The Apprentice; if i recall correctly, it's weaker than a "proper" splice, but a deal stronger than cable clips alone.
i've used them for some quick-and-dirty applications where maximum strength was not paramount, and with a little finessing of the core strand they can come out surprisingly fair and flexible, with a little service on the throat in lieu of a bulky clip.
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