No-engine, without trying to be a wiseguy, you should get out more
We obviously do different kinds of boating, I'm guessing you sail and these tend to be power boat windlasses. Most mid-sized recreational boats use this type of windlass.
If you look at the Maxwell website you will see several similar models still in full production. The model on my boat was a cheaper version and probably discontinued for that reason. My previous boat had a similar model from Lofrans, they are also made by Good and Lewmar.
They work very well and I have very few problems with mine. Once and a while a snarl in the line while deploying needs to be cleared but it takes a minute to clear. I always observe the line during deployment and retrivial, but I watch from the helm. If anything goes amiss, then I go forward to the windlass.
I would guess that more than 80% of the power boats that came from the factory with a power windlass, have this style of windlass.
A rope splice is far stronger than a knot and that's why it's popular on anchor rodes and dock lines. I don't see reversability as a big issue, unsplicing is easier than splicing. I'm sure I could unsplice my 8 plait line from the chain, I just don't have the skill to splice it. As you say cutting is always an option.