I do like all the plusses listed above, especially the small footprint which allows me to ferment in the temp-controlled fridges. I use modified corny keg lids (vent valve drilled out) and a rubber stopper with a 3 piece airlock.
Your situation and available resources will determine if this is a significant issue for you or not.
I have a TRUE fridge that can hold four 5-gallon cornies or two cornies and one 6.5 gallon plastic fermentation bucket.
I also have a second regular fridge that can hold the other 7.9 gallon plastic fermentation bucket.
Both have been modified for temp control (Ranco).
Here's the reason I don't routinely use the corny keg: plastic buckets are easier to clean.
I hate taking apart my cornies and getting the trub/dried krausen off of every nook and cranny of the corny keg.
Plus, I have two fridges for fermentation and serving. And two more fridges for food and commercial brews.
I did have "headspace concerns" like you do, but IME, they aren't significant unless you're not using an anti-foam agent (e.g., FermCap-S).
I use Fermcap-S in the boil kettle and in preparing the wort for the yeast starter.
By boiling it, it is guaranteed to be sanitized that way, as opposed to dropping FermCap-S straight into the fermentor.
I am not sure you want to trust the CO2 "In" port to be your blow off tube--it might get clogged.