It's a good way of keeping your chillies. I bought a large "clip fresh" box from the supermarket, with the rubber seal and everything. All I did was put excess chillies from the plants into it, and by the time there were a few in it any chillies put in would freeze almost right away. That kept me supplied with fresh chilli through the winter, and I still have a load left over.
Freezing destroys the natural body of the chilli, so when it is defrosted it's quite mushy. However, this is good for flavour (and heat) because you've effectively crushed the chilli and all the juices are much more freely released into whatever you're cooking.