The new coopers kits in Big W use a "collar" where it just lifts up once the pressure gets high enough instead of mucking around with an airlock. Couple of my mates use them - but I don't think they'd be very good past primary fermentation. I know one friend actually didn't get to his brew for a week or so after it "fell" and he got an infection out of it.
You'd be better off with a trip to the big green shed and some glad wrap than those things...
Going OT here but thought I'd throw this in. I've got one of those new Coopers fermenters, it's called the "DIY" fermenter. Got it off a mate unused for a carton of VB (unwanted present). I used it a few times and it works but has both really clever and really dumb design features.
Really clever: Clear rather than opaque plastic so you can clearly see what your brew is doing. Click to detach tap that easily comes apart for thorough cleaning. No bubbling airlock to confuse new brewers. It works on positive pressure to keep carbon dioxide in and oxygen out, much like glad wrap.
Really dumb: The Krausen collar. As if a coopers kit brew would ever need the extra height of a removable collar to stop the thing overflowing. Never used it, never needed it, just one more thing to clean. The tap is too high in the fermenter. You have to start tipping the fermenter to get the beer out a lot earlier than a traditional LHBS fermenter hence stirring up the trub earlier than necessary. I found that I got one less longneck out of the DIY compared to a standard fermenter due to all the crap being stirred up. Also it has little legs molded into the plastic that might make it nice and stable but makes a heating pad all but useless...