You will always see videos of channels you are subscribed to in the subs feed. We added the bell a while back for proactive notifications which not all viewers wanted to receive. The bell gives viewers a choice. More here: http://goo.gl/XLDtz4
It WOULD work for unscheduled channels... If YouTube didn't disable notifications coming from unscheduled channels even when you fully enable them on the client side. So yeah it's completely useless. AND if you sub the bell should be on by default anyway :\