I have a 1/2" drive Craftsman ratchet that uses the same principle. Simple, fewer parts, and with a significantly thinner head* than any of the reversing ratchets I've ever seen.
*The reason I've held onto it even though I have a Snap-On ratchet that's my main user tool; in case I run into a situation where I need to save 1/4" or so to make the ratchet fit. Probably never happen; we've reached the age of having cars that didn't come to us pre-clapped-out. Time was, I didn't even bother to look at cars with fewer than 100,000 miles on them, because we couldn't afford them, which then led to a lot of repair time.