Oh it works fine. The item that you posted doesn't allow you to do anything different except to control the flow.
I just have a tail piece and nut gear clamped to the end of my racking tube and line. I attach that to the top of the coupling head after starting the siphon and away we go! I invariably splashes a bit because the ID of the spear is much larger than the ID of either the siphon tube or the beer out port. But I'd rather deal with that than the PITA of reassembling the spear/valve combo on a full keg.