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These provide a sort of universal joint, that allow the block to swivel and line to run free, even if the angles aren't quite aligned. The down side is they do flop when slak whereas the fixed blocks don't.
But for an application where there are many, many lines, (main halyard, jib halyard, spinnaker halyard, topping lift, tack reef line, clew reef line, and dare I say...CUNNINGHAM) run back to the cockpit, the mast step plate is the slickest scheme I've seen.
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