Well, yea, Fantastico is the ideal way to go.
Unfortunately, some addons to WP require you to know the DB credentials, and unfortunately, as Fantastico creates the DB and DBUser for you, it doesn't supply the credentials. You would have to go in, change the DBUser Password to something you know, then go to your WP install and edit the config to reconnect to the DB.
That's what I meant by a hassle. I should have mentioned that it was a hassle if you had plugins that required DB info.