I gotta say...this is one of the more interesting off-topic threads I've read here.
I'm truly surprised that safety chains aren't required; they're mandatory in North America. We cross them under the tongue, so that if the hitch fails, the basket created by the chains will catch the tongue, preventing it from dragging on the ground:
The hitch assembly here is only slightly different than yours, but the same concept. A ball with a receiver. Our locking levers have a hole through them that allows for a pin-lock, though. With one of these installed, there is NO chance someone could disconnect your trailer, short of cutting the pin lock, as the lever cannot move:
There's also a pin-lock for the receiver as well, as the 'ball' part of our receivers are all removable. Plus a ball lock for when the trailer is stored. The biggest advantage of this has to do with the different classes of trailer tongues available, with different size balls. Switching balls is easy this way. Plus, different trailers have different tongue heights, so you can mix and match your drop-down and lift-up hitches accordingly.
Regarding the brakes, we have both the inertia ones you mentioned, as well as electronically controlled brakes. The requirement for brakes varies greatly by state/province. California, for example, requires brakes on anything over 1500lbs gross, while here in Ontario, it's 3000lbs.
The inertia ones are nice, as the trailer then only requires a 4-pin electrical connection, but there's no way to control the bias on them, which needs to be adjusted to account for the variable weight of the trailer.
The electronic brakes require a 6- or 7-pin connector, which may require re-wiring your truck; however they are controlled via a bias control box located in the cab, usually under the dash within reach of the driver:
There's a bias control knob on them, and often a brake-control lever. The brakes on the trailer are triggered when you press the brakes on the towing vehicle, and the bias control allows you to adjust just how hard the brakes hit. You can also use the lever to brake the trailer alone, should you run into the situation Bruce ran into.
The one thing I do like about your inertia brakes is the integral hand-brake. Never seen that here. I can see how it would be handy to pull the brake when the trailer is parked. I'm curious...is there a locking mechanism that keeps the brakes engaged? With our ball locks here, the trailer can still be stolen by simply using the (permanently mounted) safety chains. If your brake lever can be locked in the 'on' position, I can see how this would make stealing a trailer a whole lot more difficult. Though ultimately...nothing a sawz-all can't solve.