Allen Edwards had been serious about testing these. My estimate of "20% stronger than the line" was recollection of the lower bound from his earlier testing. Here is the current state of his belief and why:
>"Note: Other tests I and others have done show that the weak point is the knot and that the knot degrades the line to 30 to 45% of line strength. As there is a 4x multiplier, that means the soft shackle is 120 to 180% of the strength of the line it is made of. My testing shows that a soft shackle is only slightly stronger than the line it is made of. We tested 3 samples at the test facility at New England Rope. They failed at 1.04, 1.09, and 1.10 times line strength. The 180% number quoted on other sites is optimistic."
--------Allen Edwards http://l-36.com/soft_shackles.php?menu=3
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