I found this what seems to be a very uncomplicated SIP. I wonder how well this works?

"Step 1: Drill a couple of ½ inch holes into the side of your container, about three inches up from the bottom.

Step 2: Place the two rockwool cubes (pre-soaked) into the container.

Step 3: Pour in three inches of perlite, making sure the perlite is even with the rockwool cubes and the ½ inch hole.

Step 4: Place one end of the tube into the perlite, making sure the top end of the tube is above the rim of the pot.

Step 5: Fill the container with a potting mix that is appropriate for self-watering planters.*

Step 6: Fill the perlite layer with nutrient solution via the watering tube. Water will trickle out of the ½ inch hole when it is full.

Step 7: Soak the soil and add a healthy plant. Keep the plant watered by refilling every seven to 14 days, or as needed."

http://www.maximumyield.com/asktheexperts/item/222-low-maintenance-hydroponics-self-watering-containers

This looks really interesting, too bad there are no pictures. I hope FMD or Ascpete or any of our other experts would chime in with their thoughts...

I do it slightly differently, I use the packing soft peanuts (the ones that some boxes come with). They provide enough air and hold enough water and they are bigger in size and easy to get.

Rich,
  I note the asterix at the end of step 5.
  "Step 5: Fill the container with a potting mix that is appropriate for self-watering planters.*"
  It would be interesting what you or others have to say about what potting mix is appropriate for self-watering planters (as opposed to regular containers).
Cheers,
Jim

Sorry, I didn't realize it was a excerpt from the article in the link.
The author says:
My favorite mix for these containers, as well as other indoor garden applications, is a well-mixed blend of the following items:

1 part peat-based potting mix
1 part coir-based potting mix
1 part rockwool grow cubes
1 part large-grade perlite

Jim

MG potting soil with 10% perlite is supposed to meet the 70-80% porosity recommendation

Rich,
The only way to know how it works is to build one and test it, that's what I do usually.
The question is not will it work, but How well will it work? As described it has all the design elements of a SIP , Reservoir (Filled with Perlite), Wick (Rockwool cubes), Planter (Container) and the Aeration platform (Formed by the Perlite).  The wicking action and water distribution in the potting mix are the the things that have to be tested... Please let us know how it works ; ) 

Here's a simple (similar) design that I posted in a SIP topic.