I have a syphon system in my setup and its working...no floods.
I have a syphon into the sump, and a canister filter to suck the water out of the sump and push it back into the display tank. If you do your sums right, then you can set it up so that if the return pump fails, the syphon will stop working, IF it is positioned just below the water surface, and you've calculated the volume of water that would drain into the sump if this ever did happen.
I've found that water flow in and out of the sump is quite easy to set up...since the syphon is operating on air pressure, as the level of the water in the main tank drops, the flow into the sump starts to decrease, until it essentially matches the flow rate out of the sump, so you end up with a natural equilibrium. The water level does still vary though, by about (in my experience) a cm either way.
I am going to improve my design, by using a dedicated return pump instead of the canister, and use a small overflow/weir box in the main tank, into which I can put the syphon. This will mean that if the return pump stops, the water level will drop below the weir box, and the syphon will stop, so it will be guaranteed against flooding. I will also position the return line from the pump above the water's surface, so if it did fail, there's no chance of it acting as a syphon.