Mine has the clear plastic bowl under the separator so you can see/drain any water that collects. It would be useless under the deck or gunnel where I couldn't see it, plus draining a water/gas mix into my bilge isn't really high up on my "to do" list. Like Skunkboat said, in the splashwell is the proper place. It's just safer all around.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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