Looks like it works pretty good. My only concern would be the trash can not being NSF compliant. Although 200-250 deg F isn't a big concern for galvanized finish on the can, I'd rather not subject my food to that.
My first smoker was something similar, I used a small weber kettle, used a electric charcoal starter for some of the heat and threw a couple of briquettes near the element (in the bottom of the kettle) if I needed more heat. It worked suprisingly good for small things (2 racks of ribs or a salmon fillet) but don't think it would work for a butt or brisket.
