I jumped my first rig yesterday. High altitude hop and pop. :) Most comfortable thing I've ever worn, fits me like a glove. I love my V3. I love this sport, everyone I've met doing this and everything it's helped me become.
It uses two locking stows/rubber bands and then the lines are stowed in a side pouch that closes with tabs. They have a different material at the "mouth" of the pouch that pays the lines on opening, most likely helps with durability.
Mine felt a bit tight across the yoke as well when I first bought it. It will loosen up and break in as you jump it. I've got about 100 jumps on mine now, but I think the last 50 or so have felt the same once it loosened up. Enjoy!