After reading Amy Stewart's book The Earth Moved: On the Remarkable Achievements of Earthworms, I was immediately taken with the idea of inviting these sweet little beasties into my home, or rather my backyard. Worm castings are great for starting seeds or container gardening of any kind because they are nutritious and help hold moisture in the soil or potting medium. I just scatter my spare castings into my vegetable garden to help improve the soil.
The instructions with this bin will lead you to believe you should microwave your food scraps and chop them up tiny for your worms - but they're being way over-cautious. My worms seem perfectly happy with slightly shredded (all vegetable!) kitchen scraps (non-microwaved!), and the worms are about the lowest-maintenance "pet" I've had. I check on them whenever I add new kitchen scraps, every 3-4 days or so, and they rarely need anything from me beyond their lettuce and melon bits - every couple months some new shredded newspaper seems to be called for - other than that, they just churn out worm castings and take care of kitchen scraps in a pretty effortless way!
The vermicomposting bin has no odor except if you put too many scraps in at once and the worms can't keep up - but that's hardly their fault. Just put in a bit each day and call it good, and you'll have no problem.