I change the oil on my Mercedes that way, the filter is a canister type that you change from under the hood, so you can do the whole without getting under the car.
I've used the vacuum sucker on my truck as well, works fine but you have to get under the truck to change the filter anyway so it ends up taking more time. My truck is much higher off the ground, so I can wheel a comfy creepy under there and grease up all my zerks as well. So; on the truck I stick with using the drain plug.
On lawnmowers, motorcycles, and most other small engines the sucker rules!
I'm pretty sure the sucker will pull as much out (likely more) as draining. Another benefit; it's easy to suck the oil out while the engine is smokin' hot and all the crud is well mixed up with the rest of the oil. I drain the oil from the bottom just as hot, but it's definitely riskier burnwise.