I've had one of these for 3 or 4 years now (maybe a little bit longer) and it works great. I use it for carpet extraction and vacuuming (just about anything).
The attachment assortment they come with don't lend themselves to getting into small/ tight nooks and grannies though, that's my biggest complaint.
I'm not sure about the loudness. I think all vacuums are loud. I'm glad Sears is still selling them cause I need a new filter.