In reply to david100: There is nothing wrong with the knot reversing. The point is that the knot continues to work. The thing you have to remember though is that where as the lock off position when using a belay device is by your side i.e. pulling the non-live rope back, using an Italian hitch, the lock off position is held by holding the non-live rope parallel to the the live rope i.e. pushing it forward.
Have used this knot in a number of situations and generally speaking it is very useful and handy to have in your armoury. The only major downside to it is that it twists your ropes really badly.