Great for my apartment - I can reclaim the space the bottling bucket was taking, in warm days I can fill that thing with ice (and use the spigot to siphon the stuff out), and also I can shield the bottle from the fluorescent lamps in the hallway.
On a side note, would this decrease the amount of oxygen sneaking into your brew through an ale pail? I realize there is oxygen dissolved in water, but is it less than the ambient oxygen in good ole fashioned air? I don't worry about oxidation seeing as I usually don't spend long enough in the primary to warrant any concern, but I'm curious.
EDIT: This is if the bottling bucket was filled with water