Title Alias - Just so I'm clear

Sometimes I want a different URL than the title would produce. For instance, my real title is:

The Good, The Bad, and The Ugly

The URL would be:

sitename.com/section/category/the-good,-the-bad,-and-the-ugly/

So... I switch Long URLs to 'no' and set the alias to:

The Good The Bad and The Ugly

Now, while my content title is still the same as ever my URL is now more pleasing like so:

sitename.com/section/category/the-good-the-bad-and-the-ugly/

(1) So my question (so I'm absolutely clear), is this designed this way? I mean is this the intent of having the Long URLs as on option in SEF Advance?

(2) Is there a downside to setting Long URLs to no that I'm missing? Could this come back and haunt me later on?

Thanks!

I've been running with Long URLs set to no for a few weeks now. I'm still wondering if there is downside to this that I'm missing. Besides the fact I must make sure each content item has an alias, I can't reason any other negatives to this approach.

There are no downsides, it's a matter of preference.
With short URLs the section and category titles (which are usually a bit shorter) will be used instead of names and the menu entries for static content items.
And, of course, every item needs to have title alias entered.