Old fashioned maybe but it'll go on and on forever. Whilst square taper BBs might not be as light or stiff as external ones, their price, reliability, longevity and simplicity of installation mean I have three bikes running with these UN54s.
I got through an external BB in 6 months use, whereas one of these UN54s is still going strong after 2 years of all weather riding with no play or binding whatsoever. No faffing with chasing/facing frames either.
When powering hard up hills there is a slight creaking but the difference in stiffness between this and an external BB is not really noticeable to a rider of my level!
As ever the price and service from Merlin is hard to beat.
It's a good product, does what is expected and at a very fair price. Plus Merlin deliver quickly and have one of the better interfaces for the users online shopping experience