There's nothing wrong with the ice bath. The problems are threefold:
(1) Certain chemicals (DMS) can form at temperatures between the boiling and fermentation temperature, thus you want to minimize this time. This is, IMHO, overblown, based on the large number of people who let wort cool over several hours.
(2) Infections can take place during this time. Overblown again -- infections can occur at almost any temperature.
(3) It's annoying to wait to pitch the yeast. Valid. I've stayed up late more than a few times....
As long as you're sanitizing everything, there's nothing wrong with putting the fermenting in an ice bath (with an airlock), and pitching yeast in the morning. You may find, however, after a few brews the cost of a chiller seems worth the price. I picked up a plate chiller for about $75 that will chill 5 gallons to 70 degrees in a few short minutes. This makes brewing much nicer....