fun5acres:

What you describe is a three-turn version of the old standby Trilene knot. I gave up on it because the two passes around the eye cause so much friction (with or without spit) that the knot always seems to have a pigtail appearance in the main line just above the knot. The knot itself is sound, but the Achilles heel of the whole deal is those pigtails. It always breaks just above the knot.

And yes, the clinch and unimproved clinch are LOUSY knots for strength... you lose 20-25% on unknotted line strength. Their only upside is that they are incredibly fast and easy to tie, which could be a plus when you need to get back in the water in a hurry after breaking off in the middle of a hot bite!