Does anyone have experience with this setup? or at least this type of crank/bb combo?

http://www.universalcycles.com/shopp...s.php?id=26702

Any chainline issues with this type of crank?- which as I understand it, has the spindle permanently attached to/forged with one of the crank arms, and the bearings external to the BB shell - correct me if I'm not understanding it right.