I have the corner cooler under starboard bow seat. It is OK. A bag of ice is lost in 4 hours and yes, it has a drain. Keeps from having a cooler on the deck and one less object to hassle with. Good for day trips only.
I actually have two. One in the starboard bow, and another smaller one in the rear seat (club seating model). I agree that it will work for either that extra bag of ice, or to put some waters/drinks on and save one smallish cooler.
If I was ordering it custom, I might want the extra storage space the rear cooler takes up (I suppose I could remove it, but I haven't...it's just held in there by some screws).
But I do like the bow one. And yes, they both have a drain in them with a plug, so it can hold the melting ice water to keep things cooler longer if needed.
We have the built in cooler in the starboard bow corner seat......has never been used as a cooler though. Works great as an anchor locker since it does have a drain in the bottom. Also works good for us as a trash can for all the empty pop cans till we get back into our dock.....beats having them blow out of the boat while underway.