Space buckets/small grow options. [View all]

I'm looking into trying a small grow in my closet. I've been reading the site www.spacebuckets.com, and also their corresponding subreddit. Based on the small amount of research I've done, it looks like the best options for me would be:

-5 gallon buckets (x4 to get desired height)
-a "UFO" style round LED light.
-Strip LED lighting for side-lighting (the kinds of light strips you see decorating houses for Christmas)
-a couple of 110/220 fans--a step up from PC fans that aren't capable of handling airflow with a carbon filter.
-a homemade carbon filter
-reflective coating (mylar?) for the inside of the buckets.

What am I missing here? Has anyone else tried the bucket method, and if so, can you tell me the pros and cons?

I appreciate any advice anyone can give me; I'm used to being on the other side of the MMJ sales counter, so this is all new to me.