Tim:
It's an active pre-amp. It'll give you up to 14dB of gain (i.e, more output). It'll also keep the frequency response intact when using long cables and when you roll-off the volume control.
If you need more blaster info, do a search here. There are other threads with discussions of the pros/cons.
As far as reliability, we are talking Alembic here...everything is built like a tank. Ron the Wizard wouldn't have it any other way, LOL!
If all you want is to not lose your highs when you roll off the volume, just install a cap and a resistor:
http://www.fralinpickups.com/images/phazrev.jpg IMHO, the best upgrade you can do for a Strat is to toss the stock pick-ups and go with Fralins. Ck out Lindy's site as well as Fralin dealer Griblin Engineering's site...they have custom wiring harnesses which, when combined with awesome p/u's like Fralin's, will really improve your instruments tone and tonal options:
http://www.griblinengineering.com/custom_harnesses.htm Cheers,
Kevin