In the end, you can only own the usual large-cap suspects (Microsoft, GE, Citigroup etc.) in so many ways. To let Blackrock own some for you, at a better than 10% discount, doesn't seem like such a bad idea to me. The only problem is, as the reader pointed out, the extra fees.
CEFA lists BQY at a 1.14% expense ratio. DOL costs 0.48% and OEF 0.2%. The OEF doesn't yield much though, so I'll take the liberty of replacing it for the purpose of this comparison with the good old DVY, which is 0.4%. The average DVY+DOL portfolio will therefore cost 0.7% per annum less than the BQY.
But the BQY, helped by its discount, yields 5.47% on share price. The average DVY+DOL will only pay you about 3.1% (assuming the DOL, which hasn't declared any dividends yet, will pay about what the underlying index yields, minus expenses).
While I wouldn't replace an entire equity portfolio with just the BQY, I would certainly consider holding it, since the extra yield and the possibility of the discount closing more than offset higher costs. My only caveat here would be to perhaps wait for an even deeper discount. It's been known to trade near -14%.
Disclosure: At the time of writing the author was long DVY.