Like skindiver said, it's easy to hurt your ears. The pressure change is very rapid in shallow water and with empty lungs, you might not be able to equalize at all, while sinking like a stone.
Then again, in addition to being a good detph training simulation, it is a great way to practice your equalization. Just be careful and always have a buddy.
When I first started exhale dives in the pool, I'd get very uncomfortable and I know some people get to a point of almost panic. So start slow and careful. With full exhale+negative packing I found it impossible to equalize at first, but after half a year or so of playing around I learned to do a frenzel with filling my mouth on the surface and now those dives (4m) are quite comfortable even with full negative packing.
Just some rough calculations:
If you have lung volume of 6L, at 10m that would be 3L and at 30m 1.5L
So if you start with 2.1 litres (pretty much full exhale) at 4m (1.4bar), that would equal 1.5L = 30m. With negative packing you can go alot "deeper" still.
So very effective, but also very easy to hurt your self. Not only ears, but lung squeeze is a danger too. With negative packing you might be reaching lung volumes that equal 50+ metres in a matter of seconds, while in a normal dive that would take at least 1 minute or more. So the stress on your lungs is much higher. Start with moderate amount of exhale and increase it as you feel totally comfortable with the previous. Learn to relax and enjoy the feeling on the bottom, only then move to the next stage. At no point should you feel pain and if you happen to cough blood, stop immediately. You cannot rush this one, it's not one of those "no pain no gain" types of exercises. If you try to rush it, you'll just end up with injured lungs...
Once more: always with a buddy! (like all diving should be, but especially here)