I also just had a well dug a couple of months ago....the installer put in what he called a "cycle stop valve"...sounds like the same thing...I only use this for irrigation, as I irrigate about 2 acres (26 zones / 114 spray rotors)...some of these heads are about 500-600 yds away and he put a 70 p s i CSV in the line where the pipe comes out from the ground....since my sprinklers go for about 10 hrs about every 3rd day, he informed me that this would cut down the constant on/off of the pump, which as stated earlier, is the killer of most pumps!
by the way, $4800 for 220 ft deep....hit water at 120 ft, kept hitting water till 200 ft, then hit gravel the next 40 ft..so we stopped drilling and he set the pump at about 180 ft!