Probably not much different to the original ball/socket joint Frank, but as the stress/wear factors of the joint, in Paul's application, are unknown, VERY regular inspection, checking for any play/looseness, is highly recommended. Also the actual duty/spec of the bearing is an unknown, is the manufacturer a 'known' high quality maker? In this application I would only use the very best, SKF, INA, Timken, etc with a known manufacturing and quality control history, as well as specification data that can be accessed....
My initial concern with Paul's design was the strength of the welded attachment of the top yellow retaining component to the wishbone, and while Paul's MIG welding looks to be good, penetration is still an unknown factor.........
In an industrial scenario firstly the application would be CAD modelled, with ALL of the actual material strengths factored in and stress/load points being shown/measured at all angles of the joint movement and then the actual physical joint being put in a test rig and tested to destruction......