Hey Stig, I've no doubt you are right, being abandoned out in the middle of the Atlantic after training, I have retained the split level for little trees.
But the split level keeps you away from the metal of the felling lever, as well as avoiding a sit back on a back leaner. It avoids the need to put in a line to pull it over if the tree is small enough, I like the control, and time is not a problem...
Even on the bigger trees (2x bar length, 30-32" diameter, still on the small side for most here!) we were doing the split level, in conjunction with high lift wedges and tractor mounted winches, or the walk around, putting wedges as you go.
'My' split level, the first side of the back cut is level, the second cut underlaps the first one on a downward angle with the outside edges level. Watch out for the uncut 'triangle' deep inside the diameter on the tree, right behind the hinge, as the bar tends to walk out as you cut the two halves of the back cut. That triangle will prevent you getting the tree over, or cause you to swear as you heave on the lever, or pound the wotsits out of your wedge!
And what Burnham said...that's why I like the felling lever, you have much more lift capacity than just a wedge that can (I know, done it!) bottom out on the back of the hinge.