I use one like that for my wine kits, and have tried to avoid using it on beer to avoid flavor transfers. It's nice, though, wish I had a second one just like it for beer -- it seals up very tightly. I use a fementer bucket I bought in the early 90's for my beers when I'm not doing a hefe -- I use 6.5 gal carboy w/blowoff tube for the hefes.
You really can't go wrong with that pail, it's nice!