Probably in the minority here, but I quite like them and think they have their place. They were originally designed for use on very low pile, flat carpeting as one would find in commercial applications, and this is where they shine. My home has short pile berber throughout, and I had no complaints whatsoever about its performance. Pet hair and scattered cat litter were not a problem, and pickup on bare floors is surprisingly good for an upright. On deeper pile it will surface clean and groom very nicely, although for deep cleaning I think there are better choices out there.
The noise is something that gets mentioned quite a lot. To be honest I don't find the Oreck to be unusually loud, but it is quite a high pitched sound (I definitely preferred it over the irritating howl of the Dyson DC07, which really grated on my nerves). Noise is subjective however, so mayhaps it would be wise to try one before buying if possible to see if it's something you can live with.
I very much liked the companion canister unit that comes with it as well, probably because I really don't like uprights with onboard tools. Works well for what it's intended, i.e. stairs and above floor cleaning, and is great for use in the car.