I looked into it and would only consider if I had a severe shortage of space and/or a couple of large, free peltier units.
One design consisted of a peltier cooling a SS coil immersed into a bucket or carboy on a recirculation loop. A small pump circulates the cooling water, and turns on the peltier unit whenever the temp gets too warm.
The problem is that a cheap CL fridge/freezer would probably cost close to the same amount as that peltier and MUCH less hassle to build. You'll need a temp controller of some kind anyway, so the fridge/freezer is a whole lot easier.
If you had a lack of space, say in an apartment, then a single fermenter bucket with a peltier might make perfect sense. The building of the SS coil and cold plate to attach to the peltier is just another project I don't really need to add to my list right now.