I've spent a fair bit of time researching shipping containers as homes, and yes, it's not a new idea. I used shipping containers to meet a brief during my diploma studies (<$200k beach cafe), from concept to working drawings.
Some colleagues take the p!ss out of me because of my infatuation in using containers for my next home, just need to work up the coin & find a block.
From a 'prefab' point of view, it makes a lot of sense - controlled fit-out in an already structural building, windows & doors (depending on size) can be cut out without additional structural work, transportable by road/rail/ocean etc. and by configuring the containers in specific locations, you can arrive at a good design.
I mainly saw it as a 'green' method of building by recycling used containers, but have since found a fair bit of debate due to the toxins in the paint, steel manufacture energy use, transport fuel etc. that make a good argument. That said, I believe that prefabs will be the preferred building method in the 'not-so-distant-future (controlled quality, no time loss due to weather, minimal time on-site).
Check out the following (yank) website, plenty of container-homes/projects & the home site also has some great innovative information on 'green' building practices.
www.jetsongreen.com/design/container-design
jammed in so you hear next door noise like they are living on top of you, no room for kids to play safely, all fostered onto the unsuspecting purchasing public with a media campaign and lobby groups hungry for a quid. 
