I've paid for hosting at four or five web hosts over the last few years, and all had problems. 1 & 1 was by far the last, ICDSoft was pretty OK, DreamHost has been excellent.

The bad:
They have had screwy email problems. To be honest, these haven't affected me, but I know they have affected other customers, and nothing hurts more than downed email. Again, I've heard some bad stuff (even in the reviews here), but have done a lot with DreamHost without ever running into difficulties.

The good:
I effectively have no limits. I have been able to do just about anything I want to with my space, and have hosted some giant files there reliably. If you just need a little space for a blog, a DreamHost account may be overkill (though the pricing is good enough that it need not be). But if, like me, you are hosting a handful of domains, it's great.