True, the Peltier TECs are inefficient, and it's very hard to get a rapid / extreme temperature change, but sometimes you can live with that. Where I've worked I've used smaller liquid CO2-chilled chambers (electrical heat), and larger walk-in chambers with massive refrigeration systems. These are quite impressive and useful for thermal-shock testing.
But for my hobby projects I've found the TEC "Reptile Incubator" units
as shown in Dave's video
to be extremely useful for evaluating oscillators (LC, XO, TCXO, OCXO, etc.) and other testing where rapid temperature changes are not needed. I modified the electronics, keeping the power supply and monitoring, display, etc, but replacing the TEC driver with my own design so I could put the chamber under remote software control. One disadvantage of the stock chamber is that the thermal setpoint has about a 1 deg C hysteresis, so I was able to improve the setpoint stability as well as run defined thermal patterns. The stock chamber also has the internal fan cycling along with the TEC, and the air-flow changes affected the DUT temperature -- I now have the fan run continuously. The useful temperature range of the chamber (with minimal power-dissipation DUT) was about +5 deg C to +60 deg C.