I own one. Seems to hold up to washing pretty well, although i dont wash it as often as i would a regular tshirt. Slightly different from the user above, i put it in the washing machine but i air dry it as well. I use it if im getting closer to a contest with log or axle (the grip doesnt work well for me with where i shoulder a DB).
If youre new to the sport, or money is tight, it's not $70 you HAVE to spend. But if you compete seriously, and a slight edge in competition is worth $70 to you this will give you that edge (i hesitate to call it an advantage, it's sort of like chalking your hands before a deadlift, in that it's more a question of removing the disadvantage)