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It's similar to the Fram system, also a quick disconnect auto-open type of thing. Fram costs $15 at Autozone, I use it on my Accord, haven't had any problems with it, it does make life a little easier (only a little though, as the only thing that changes is I now don't worry about getting splattered by hot oil when I pull the plug). Oil changes are easy enough anyway. On the Vette, I use one of the on/off valves from MidAmerica, though one of these would work even easier and cleaner, I may change to it.
The one thing to watch out for with any of these drain plug replacements is that the drain hole in the center, when mounted horizontally in a car's drain plug hole, effectively raises the drain hole by 1/4-1/8", so there's that much more oil that is NOT drained when the valve is opened for an oil change. I don't think it's significant enough to consider, as long as you incline the car for the oil change.
I was thinking about getting this too...from all the talk about stripping the threads where the bold screws in it seems that the less you mess with it the better off you'd be...anybody have any clearance issues with it?
I'm not sure how you would have a problem with this? I can only think of 2 possibilities: loss of ground clearance, and failure of the internal valve.
I don't have one on the Vette (yet), so I don't know about loss of clearance on C5s. On my Accord, there was a drain plug washer, and the entire new valve assembly was smaller diameter than that washer, so I didn't lose any ground clearance (drain plug was horizontal). On the Vette, no drain plug washer, I'd think the diameter of the stock drain bolt flange would be similar, but would need to compare. The bolt is horizontal also, so any lost clearance cannot be more than 1/8".
As for the internal valve's failure, when it's not in use, it's covered by the safety cap, which is o-ring sealed, so, even if the valve is completely drilled out (which I actually considered, to make oil changes no tools, just unscrew by hand), the safety cap is more than enough to serve the purpose of a drain plug and seal off the opening.
I thought about this pretty extensively before trying it, ended up feeling it was a better choice than the stock plug.