The strap is snug, although quite short, surprisingly well, gives enough freedom of movement and puts together not from the wrist. He, too, is fixed just like the shoulder strap with a carabiner to the adapter, in turn protected by a small plastic cap.
I'll probably use the wrist strap mostly on my smaller Bodies (E-P5, e-PL7), although he does after a first test well on the larger E-M1 a good figure. Thanks to the carabiner attachment system of rapid change from and to the shoulder is indeed very simple and fast.