My mother bought me one of these from Costco a couple years ago because the wall unit my landlord put in was worthless.
Cooling: I would like to have a stronger fan into the room, but it does do its job well for the room it's in. My living room is approx 14x18 and cools from 90 degrees to 75 degrees in a little over an hour, and maintains temp quite well. It's not strong enough to cool the entire apartment, but part of that may be the way the unit is built.
Drainage: I just roll it to one of my doors so the drain overhangs the stoop and pull the plug. I do drain at the end of the season just so I don't leave water stagnant in the unit when it's not in use, but I've never had to drain it mid-summer.
Window fixture: I have tall windows that open on a crank. The fixtures that came with it were worthless to me. I bought a piece of 1/4" foam core that I cut to the size of my window opening. I cut a hole in that to accommodate the AC vent. Then I took out my screen, put the foam core in its place and taped the edges so there were no gaps.