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I have both, I love the adjustable one for long trips. It lets you change things up a bit. The down side is the size of the mount. With a stock street/road glide seat the mount well hit you on the tail bone. With an ultra seat it is not an issue.
I have an '08 FLHT with a Sundowner seat. I bought a cheapie backrest on Amazon for about 40 bucks. Didn't expect much, but it does what it's supposed to do. So, no, a proprietary (Harley brand) backrest is NOT required. I understand that the mustang rest is also compatible.