I had a bottom buddy that worked "alright" on the ice. It gave you accurate depth readings but it was a hassle to setup. Now, I did not use the "Ice" bracket that you can purchase separately for the Bottom Buddy, I just used a homemade contraption. It was cumbersome. Also, depending on the temperature, the batteries would not last very long. Always had to have a second set handy just in case. In a pinch it would work but I do not recommend it.
Last year I set up my eagle fishfinder to take on the ice and had mixed results as well. Needless to say, I bought my first Vexilar flasher and I will never look back. It is awesome. I've taken it to a local lake with docks and have been having a blast with it. I can't say enough good things about this unit.