I've been wondering that too. Of course BBs have the option to have a spigot installed, which looks useful.
So I'm starting to get the picture. Headspace is necessary for krausen space and to keep blow-off from happening in the primary but not scary because CO2 forms the O2 barrier. I might want to go for as little headspace as I can get away with as the co2 barrier won't be as effective as the boat sloshes around. So I guess if I use a 5gal kit I'll need either 2x3gal BBs or a 6 gal bucket.....
BrewOnBoard
The only thing you may have to worry about with a regular water jug vs a BB is what type of plastic they use and how it reacts. This may not be an issue but I would check it. Look for the logo on the base of the jug and see what its toxicity rate is.
BB's seem to make a big deal about the type of plastic they are constructed out of and how it does not react with Wort or let air in etc. Regular water jugs may not be of that quality however they are used for storing drinking water so I would imagine the plastic has to be food grade.
The biggest fear I would have is if you are pouring hot wort into it for cooling. Heating some plastics can have bad effects/results in any cooking application. If you cool externally it probably isn't a problem.
Perhaps the best test is to simply brew a batch and taste the results. If it sucks then go to a BB. I would love to know the results because I could just grab a 5 gal for a secondary and save myself 25-30 bucks.
EDIT*
There is a thread about water bottles in the FAQ section but here is some clarifying info.
To be certain that you are choosing a bottle that does not leach, check the recycling symbol on your bottle. If it is a #2 HDPE (high density polyethylene), or a #4 LDPE (low density polyethylene), or a #5 PP (polypropylene), your bottle is fine. The type of plastic bottle in which water is usually sold is usually a #1, and is only recommended for one time use. Do not refill it. Better to use a reusable water bottle, and fill it with your own filtered water from home and keep these single-use bottles out of the landfill.
Unfortunately, those fabulous colourful hard plastic lexan bottles made with polycarbonate plastics and identified by the #7 recycling symbol, may leach BPA. Bisphenol A is a xenoestrogen, a known endocrine disruptor, meaning it disturbs the hormonal messaging in our bodies. Synthetic xenoestrogens are linked to breast cancer and uterine cancer in women, decreased testosterone levels in men, and are particularly devastating to babies and young children. BPA has even been linked to insulin resistance and Type 2 Diabetes. For more of the science on the effects of BPA on our endocrine system etc. see these studies: Environmental Health Perspectives Journal. Nalgene, the company that manufactures the lexan water bottles also makes #2 HDPE bottles in the same sizes and shapes, so we have a viable alternative.
Unfortunately, most plastic baby bottles and drinking cups are made with plastics containing Bisphenol A. In 2006 Europe banned all products made for children under age 3 containing BPA, and as of Dec. 2006 the city of San Franscisco followed suit. In March 2007 a billion-dollar class action suit was commenced against Gerber, Playtex, Evenflo, Avent, and Dr. Brown's in Los Angeles superior court for harm done to babies caused by drinking out of baby bottles and sippy cups containing BPA. So, to be certain that your baby is not exposed, use glass bottles.