My DIY "constant level siphons" are very much like that shown in cgrabe's post. It is handy to have a closeable air evacuation point of the first siphon loop over the tank wall, not as much for the initial start (I use the Python for that) as to check that there are no trapped air bubbles in the real siphon tube to reduce flow. A vent is even more necessary on the second loop, always open to ambient air, as Seaman noted, to avoid forming a second syphon loop after the constant-level section between the two top loops.
For safety and back-up, I alway make a second assembly, with the constant level section just a bit higher. If the first clogs or blocks in any manner, the second can take over without overfilling the display tank.
For most of my usage, I prefer the constant-level siphons to surface-skimmer overflows. They are less obtrusive in the tank and do not waste CO2 from my mostly planted tanks. But I do use both systems.