Sous Vide or not Sous Vide? That is the Question.

Ok, my friends. Of all things, I've been reading up on this crazy sous vide tech(nique) and I'm a little intrigued. If you haven't heard of or read up on it, here's the gist: seal the food to be cooked in an airless plastic bag and immerse it in water that is at the final internal temperature you want the food to reach. No overcooking, no undercooking, no loss of juices or flavors.

 I'm also unwilling to shell out $200+ for yet another kitchen gadget that I may or may not use beyond the initial experimentation stage. For instance, this little darling runs $237, used. I like my toys, but please.

Nevermind just getting a circulator and using a big stockpot for the water bath. How's about getting the whole combo pack. Bags, sealer, water oven and cookbook:

JUST $499.00, who could resist?

On the other hand, I received this wonderful uber hot plate with 5 degree incremental digital temperature control as a gift a few months back, so I'm wondering if perhaps I can use it and well sealed zip bags to make my own version. I guess it'd end up being called "Sorta Vide."

I don't see any real reason to think that I couldn't bring a pot of water to a particular temperature and keep it there, effectively using the sous vide process without the fancy tech. I'd have to cover the pot with plastic wrap and use an independent thermometer to verify temperature constancy, but I really want to ask:

Do any of you cook sous vide? Is there any reason this idea won't work?