I fried a turkey for the first time last year, and I must say, it is now the preferred technique. I'm sure many a bird has been fried by the various members of this board, and now I know why.
However! If you are going to do this, do not be a dumbass like me. When they say to dry the turkey as much as possible to prevent splatter, do exactly that. That hot peanut oil looks nice and placid until you start inserting the bird, at which point it will furiously boil, splatter, and generally cause burns. Like, to my arms, hands and face. Luckily, mine were extensive but mild, and certainly enough cause for much hilarity by those gathered 'round, who had the joy of watching me stoically (and slowly) lower it the rest of the way down, for to drop it would have been to tip over the pot.
Also, turkey fryers are a big fire hazard. So in general, be careful.