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I've been doing it that way...well close... for several years now...since I saw it on This Old House (I think that was the show I saw it on)
Anyway, I don't double it up like seems to be shown.. (I'll admit to not watching the video, just based on the thumbnail picture). I've seen other folks double it up like that first.
I just simply start at one end and do a series of slip knots, usually letting it just fall randomly into a 5 gallon bucket (for my longer cords). that way I can just set the bucket down at the outlet.... grab that free end that went into the bucket last.... and walk to the project location. (or the other direction, depending on which end of the cord went in the bucket last)
It's really not much more bulky than the traditional method, since it can be packed into the bucket rather tightly and still not tangle ...not ever.
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