I live in an apartment so it is the only way I can recycle food scraps and after living with a backyard and a compost bin for my entire life till now, it absolutely breaks my heart to have to throw anything compostable into the bin.
Same here in an apartment so is best way. I think Jackrose covered it all - there is a bit of a smell but is bearable and the better you are at draining it etc less smell there is. The only issue I had is burying the contents, as in an apartment only so much you can fit in pots on a balcony, but now I have an allotment so am excited to be able to use it myself (had to give to friends, other community gardens previously). I do have two bins in rotation, I think you could get away with one though, but as I was putting some of mine into pots wanted to make sure was as broken down as possible.

Not sure about worms, aren't they a bit picky about what goes in? I know people who put the Bokashi into a big compost bin, and works as quite a good starter.

The juice it gives off is good at keeping drains odor free (a bit odd really as the stuff smells a little but leads to fresher drains by the organisms digesting any food/particle build up in the drains).