In fact, it looks worse then it is. The prong collar works on the concept that evenly applied pressure is gentler and more effective on a dog's neck than the quick jerk and impact of a choke chain. And it's self-limited to as far as it can close, like a martingale, so in one way, it's better then a slip collar wich can be pulled much tighter.
But still I don't like it, and in the hands of someone who doesn't know how to use it, it can easily and quickly ruin a dog. That's the main reason why those are illegal over here, together with the fact that you can easily learn a dog not to pull on the leash all the time with much gentler methods. Just takes a bit more time and patience.