A saw cut contraction joint is probably more common. I wouldn't say a saw cut joint is superior but it is simpler and less expensive.
The saw cut joint creates a weak spot intended to induce a crack. If you don't have rebar or mesh you depend on aggregate interlock to keep the adjacent panels flat.
I've seen random cracks right beside saw cut joints that failed to crack. I've also seen sawcut joints in slabs placed on vapor barrier open up so much that they aggregate disengaged and the slab lifted.
The metal form creates a full depth break and forms a key to prevent displacement.
One potential problem with the metal key is the potential for rusting over time. I'd use the removable plastic strip and install caulking to prevent this.