You are correct, kidmullen, that is the NPA viewpoint on the splitter.
T. House taught my son to throw a splitter as his 'change-up' pitch and it has worked very nicely for him. He's 14 yo now, has used the splitter for 5 years, and has never had arm trouble or trouble with his fingers.
If you don't get the kind of movement or command you want on the standard change-up pitches, try the splitter as an alternative. It can fill the same role for some pitchers.