Vypyrz, that looks very similar to what I do/use with my snakies (though, I use Flexwatt). I have the binder clips to keep the lid on, too (one on each side).

Target has tubs for much cheaper, though. I get all of mine there; the 41qt tubs are $7 each.

Soldering irons work great for making the holes. I've heard wood-burning tools work also, but I've never tried them. And if you don't like the melted plastic "ring" around the holes, just take some needle-nose pliers to 'em and they pop right off.

As for why people switch to racks, well, I switched because I just don't have the space for more than a couple 40-gallon tanks. But I can fit two 41qt tub racks in my bedroom just fine and still have plenty of room to wander around. I also have trouble keeping the humidity up, even covering over half of the screen top of a 40-gallon with plexiglass. Tubs keep the humidity at a decent level even without a humid hide (though, I still supply one anyway).