@Joe Anshien has a pretty good description. A well sealed charcoal column is the whole reason that this design works. Once I managed to wrap my smooth tiny little brain around that concept, I immediately settled on a gravity fed as what I was going to build.
IIRC, Stumps is the originator of gravity fed charcoal smoker, and well predates the Masterbuilt & it's ilk.
I welded up my own (weighs 1,200 lbs. or so, and can smoke 10 full packer briskets comfortabl,) fully insulated all the way around and burns about 1.5-2 lbs/hr of natural lump charcoal. LOVE IT TO DEATH. One thing that would give me pause is the charcoal column in the one above. Mine very specifically has a perfectly vertical charcoal column with a reverse taper, i.e. wider at the bottom than at the top to prevent bridging. I have a HeaterMeter for it, maintains cooking temps to within 1 degree F, along with 3 food probes and ties into my home network for alerts (and thanks to
@Chris Allingham for hosting the HM forum here.)