I have used a BV 500 for the past few years after getting tired of mice and squirrels raiding the bag. It is so much nicer than trying to find a suitable limb in the cold and dark. Added bonus is not having to raise and lower it 3 extra times as I remember that I either needed to put something in it or that I want something out of it in the middle of the night.
I probably don't place it as far from camp as y'all are suggesting, maybe 30-50 yards but have never had a bear come in after it either.
I've had several close encounters with bears at campsites, bears coming within 10 yards of us, and the only times they got food was when they tore bags out of a tree that were not properly hung...I'll never forget that poor kid saying..."hey, he took my yogurt!"