That darned handstrap

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Greetings list!

No one seems to have knowledge of this. Is that lug on the grip there for another purpose? Am I the only one that feels Pentax neck straps, while the pockets are nice, are not the most comfortable thing?
Two stores in Chicago offered me that Canon one. I can't imagine they'd be the only makers. I tried B&H with no success.
Cheers,
EvilRegis