Here's what little I know. Some of it comes from hanging with mechanical engineering types, some of it comes from growing up in a shop that did fairly highly technical fiberglass work.
Any sort of composite material (which is what filled phenolic is) is going to have strength characteristics that depend on all of the stuff thats put in. Most composites are built up of a resin and at least one filler. Resins (phenolic, polyester, epoxy, nylon, etc.) are usually brittle. Fillers are usually some fibrous material that has (at least comparatively) great tensile strength, but is "floppy" in its natural state. Typical fillers are things like cloth (linen or canvas), carbon-fiber, glass, Kevlar, etc. The fibers strengthen the resin by providing tensile strength, the resin strengthens the fibers by providing strength in shear (which is what turns those floppy fibers into something rigid).
So I would expect that cheap phenolic, particularly if it's chosen for looks or for price, is going to be many times weaker than good engineered phenolic from a reputable supplier.
That bellcrank looks like it's made from a poor excuse for linen filled phenolic. The stuff that I've seen is linen filled throughout, and would break with a very ragged edge. That stuff looks like it's got 'ragged' right at the outsides of the sheet, and fairly smooth in the middle. This leads me to believe that it's paper filled (or maybe wood dust!) in the middle, and only linen filled on the outside where you'll see it and say "ooh! high tech!". If you have access to the pieces, you can sort of tell: file the end flat (or look at the edges). You should see the ends of fibers everywhere. If the center looks smooth, and you only see fiber ends on the edges, then it's fairly cheap stuff. It'll have strength against bending up or down in the thin direction, but not much more strength than unreinforced in the thick direction.
If Tom Morris is using the good stuff, and hasn't been having problems, and isn't getting screwed over by a supplier (which happens to anyone in the manufacturing business, from time to time), then I wouldn't let that event turn you away from phenolic bellcranks. Cheap piece of @#$% bellcranks, yes -- but you can make one of those in just about any material on earth, not just phenolic.
Edit
In addition to Brian's question, which I only answered partially and with a lot of extra words, I have a question for the more technical minded: Does anyone know just how much force gets exerted on a plane in one of those "slack off and bang against the end of the line" events? Clearly it can depend on circumstances to a huge degree (stiff-arming it vs, letting it ease into tension, etc.) -- but some "typical" number would be nice.
More edit
The only other thing that I can add is that a steel or aluminum bellcrank is going to be more likely to fail gracefully, i.e. get bent to a pretzel without breaking, than a phenolic or carbon fiber, or etc., bellcrank. Usually the end result will still be a crashed plane, so I don't think we should all run out and change. But it's something to consider when you're deciding how much extra strength to build into your bellcrank.