So this was the answer I came up with:
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Most of the straps found at a farm store are TOW STRAPS, not designed for recovery, or rated for the forces at work during recovery. Those cheapy farm store straps can be very
VERY dangerous!
TOW STRAPS SHOULD NEVER BE USED FOR RECOVERY!!
The ARB and Viking straps are specifically designed to stretch under load for maximum performance, a snatch strap (sometimes mistakenly referred to as a tow strap) is a very effective method of extracting a bogged or immobilized 4WD when a second vehicle is present.
This ability to stretch is a distinction between a snatch strap and a tow strap, ARB/Viking snatch straps are elastic when under load whereas a tow strap is not, the benefits of which are twofold. Firstly, the kinetic energy generated by the elasticity actually aids the recovery itself, and secondly, the elasticity greatly reduces the likelihood of vehicle damage during recovery. The enormous weight of each 4x4 and the weighted force of whatever caused the immobilization puts enormous strain on the point where the straps are attached, and without some elasticity, there is a substantial risk of damaging the vehicle. For vehicle recovery, a snatch strap is more suitable than a tow strap.
All ARB snatch straps are woven and fabricated to ARB specifications, and tested by a NATA approved laboratory.
Both the Viking and ARD straps are color coded, and properly labeled for their application and Working Load Limit.
http://www.offroaders.com/tech/Tow_Straps.htm
http://www.pirate4x4.com/tech/billavista/Recovery/
http://www.uscargocontrol.com/Towing-Auto-Hauling/Recovery-Straps-Tow-Straps
It's true that you don't need to spend a lot of money to get a quality product, but look at the UScargocontrol site. They sell very high quality straps. There are tons of different straps there, for tons of different applications, yet - THEY ALL LOOK IDENTICAL.
I'm not really about name brands. I could really care less about that (believe it or not)...
But
ARB,
Viking, and
ExpeditionExchange are leading the way to create a new industry standard in color coding and properly labeling recovery straps. In the not-too-distant past, if you had a tree strap, a tow strap, and a snatch strap, they all looked identical, and took careful inspection to make sure you had the correct strap for the task at hand. I know from experience - until this past Christmas, I had 4 very similar looking yellow straps in my recovery kit. If I needed someone's help, there was no way I could verbalize which strap I needed. I would need to see and touch them for myself to know the difference, and in a rush or pinch, there was the chance that I could grab the wrong one.
So I've spent a few extra bones, and there's virtually no way I could make a potentially dangerous mistake like that. You really can't argue these straps are making a recovery a little bit safer. So - why not?
ORANGE = Snatch Strap
PURPLE = Tow / Winch Strap
GREEN / YELLOW = Tree Strap
Labels clearly indicate the Rating & Working Load Limit (in case you have more than 1 strap of the same color):