While I have not used it, I will say it does seem a very interesting and viable idea. I might look into one. My primary concerns would be:
1) Is the plastic food-safe? Are there any chemicals which may leech into the water which may make it unfit for drinking?
2) Durability wise, that's a perfectly viable concern. However I think an advantage of something like this is the possibility of using a readily available vinyl repair kit (or even duct tape!) to fix it.
If space isn't an issue, why not opt for durabillity? Or buy a 500 gallon tank and be done with it

Personally I think this is neat but only from the standpoint of rapid deployment and ease of transport.
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