It looks like the same one I got from lmc, about $50 a few years ago. You are correct about the thickness, the build is nice as in design. But the quality lacks, mine faded a lot, and just like you're concerns, the thing started splitting between the individual threads of the fabric after use. Unless you're lifting your ass off the seat any time you move, you will eventually ruin it, mine took about a year to become "ugly" and started deteriorating.
Didn't have a problem with the pockets or anything, the strings are good, the only con is the material stretches and the strings will need to be readjusted. It didn't seem to stay in place great, but it wasn't bad, maybe if you figured out a way to secure the cover in the seat crack it wouldn't move, maybe a piece of steel rod or something, maybe tie that up to the seat too?
I love my saddle blanket seat covers, especially with the pockets, so many old trucks around here have em, the old ones too! The ones that last forever, and are still a pain in the ass to remove somehow lol.