Cool type effect in inDesign

This works in CS4 at least. I'm wondering if there's a more elegant way to achieve the same effect?

1) Draw a rectangle, fill with white

2) Copy this rectangle, and paste in place (directly above the first rectangle). Fill the new rectangle with black

3) Draw a text box and enter some text (big and bold type works best for demonstration purposes). Position the text so that it is partially over the black rectangle.

4) Set the blending mode of the text box to (for example) "Lighten".

5) Group the text box with the BLACK rectangle only. With the group selected, check the "Knockout Group" checkbox in the Effects palette.

Now you can select the text box with the Direct selection tool and move it where you wish. Where the type intersects the black rectangle it knocks out the black. Cool huh?

Of course there are other ways to get a similar look, however to my knowledge these all involve multiple copies of the text/outlined text/weird gradient fills of the text etc. and are therefore much more tricky to use if you want to play with your design.

Thoughts?