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In theory, that system should protect the battery, on the flip side it also introduces a parasitic draw of it's own so it'll only protect you for so long before it takes the batt out on it's own. And cutting out at 2v is WAY too late for a 4S LiFePo4 stack.
On the cycle count, remember you're not fully cycling the battery unless something is REALLY wrong, so those counts don't directly apply. On the flip side this is why my Highlander Hybrid will only draw down to about 70% capacity and only charges back up to 80%, to extend batt life.