The Therminator is a nice compact unit, but a little pricey at $195.00. I built mine for approx $50.00 and about 8 hrs labor.
Disadvantages are (as stated) sanitizing the thing, not being able to see if there's any crud in the tubing, and trub in the fermenter.
Advantages: I don't have to cut a hole in the lid of my expensive Blichmann BK!
You can see the construction details of my counterflow and the numbers I got in actual brewing at;
http://maltmunchingmashmonsters.com/diy/chiller.htmlI like BadRock's idea of recirculating from the counterflow back into the BK to dump the trub. You can also run the output from your counterflow into an immersion chiller, get a little additional cooling and some really hot water at the other end

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So whirlpool through the counterflow. Hmmmm................
Charlie