If I may interject for Jack, a big part of the components value is the ability to roll up the pertinent fields in the pipeline and stored them as XML to be queried, along with package name, etc. That and the ability to make error handling so easy is quite valuable in my mind. No custom work to do at all.

That being said, there are many ways to skin the proverbial cat in SSIS, this component is great for integration work where you don't want to stall the whole process for some bad data.