I actually have two of these bowls. This one comes with an insert, which is a nice plus. My other one didn't, but no matter.
Lock & Lock is the best you can get for storage. They are well made and, in my experience over the last 7-8 years, hold up practically forever. I've had to have replacement parts (seals) only a few times over the years. For the price and the quality, however, they can't be beat.
Back to this particular bowl - Here's why I love this bowl. It is a great bowl, of course, that can be used for anything that will fit in it. You have the airtight, liquid tight, integrity of Lock & Lock but you also have some extra versatility.
I use this bowl for cakes. It will fit any standard 3 layer type round cake (with room to spare on top) as well as a bundt cake made in a standard sized bundt cake pan. You just lay the cake down on the inside of the seal and use the bowl as a dome. What I have done before is either cut out a cardboard circle and cover it with aluminum foil, or just lay a couple sheets of parchment paper (you can buy pre-cut rounds right here at amazon in a few choices of sizes).
Since I never stop thinking, and wanted an even better solution, I actually found a thin, round cutting board (here on amazon, of course!) that is the exact size to fit inside the seal so I use that now with a couple parchment rounds on top to protect the wood board from the moisture. Works great and you get the excellent storage of Lock & Lock that keeps your cake fresh for a very long time.