It may be better because of the type of Algae that Is Incouraged to grow, The Critter Actually had the store tank running on this method for many years with no skimmer and great success growing some SPS but It was a mixed Reef basically. IMO It has potential but as you mentioned salt creep and water loss are only some of the Issues that will need to be overcome. Plus those bulbs will add lots of heat In the summertime too. For a tank with a sump room It's a no brainer, But under a stand may be another Issue.
Bill