"maybe I should just stick with good old steel cable? Certainly would be less expensive."
IIRC, there was a synth vs. wire thread here a year or two ago. Several, myself included, are in the wire rope arena. Synth, is lighter weight / easier to haul for a recovery but it is sensitive to abrasion and UV exposure. Wire rope, nicely maintained (lubed, re-spooled under slight tension after a winch pull) can last a freaking long time. When I re-spool I park the jeep in the street (no driveways) and use the car to un-spool. I then set the parking break on the car to a slight tension and spool the cable in - spraying lube as I go (Slick 50 OneLube).
Perhaps some day I'll switch to synth but for now wire rope is decent enough to keep.
edit: Yes, synth is safer should a catastrophic break happen but 1) what are the odds and 2) practice safe winching and minimize to eliminate the risk.