You can't set a fridge's temp to the levels that lager yeasts need (50°-55°
, so if you want to use the fridge to brew lagers, you'll need an external controller. You'll be too cold to ferment. But, the "regular" fridge temps should be fine for actually lagering (long-term aging, which is usually done closer to 40°
.
Remember, too, that using an external control means that the freezer unit will be out of whack, you won't be able to use it as a freezer.
I have a small fridge that will ultimately get a temperature controller for lagering, but I'm getting a regular fridge that will be unmodified for kegging, for lagering (but not fermenting lagers) and cold-crashing my ales (and the freezer will be loaded to the gills with hops).
As to why the freezer over the fridge; chest freezers can be had for a bit cheaper than fridges, and people seem to prefer the setup. The chest freezer, of course, will absolutely need an external controller.
EDIT: To clarify, your primary fermentation for lagers will be around 50°, but you'll leave the beer in secondary (lager it) at the colder temps. A fridge is fine for the latter, but for the former, it's going to be too cold.