Join Date: Mar 2005
Location: SF Bay Area, California
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Water collects at the bottom of the frame without a hole there, most likely entering through the seat post / seat tube interface (yet another reason to keep that interface lubricated, and reapply it on a regular basis).
The thought of even a small amount of water influencing an interaction between the threads of an aluminum frame and a steel bottom bracket doesn't appeal to me, and the sludge that drips out of my undrilled frames is always appropriately rust colored, so I know it's up to no good.
Whatever the case, whether or not to drill a bottom bracket continues to be a topic debated on many bike forums and is not a universally accepted practice, so dredge up the old posts, read the pros and cons, and form an opinion for yourself. I personally don't ford many rivers or ride in excessively wet climates, but I can assure you that when cracking the BB open, my undrilled frames always drain water and the drilled ones don't.