The time really isn't the issue. The biggest time problem is their checkout, but you can use the quick checkout option to solve that easily. The problem is the lack of control and lack of features. If you're just running one basic site, you might be ok. But if you're running something more complex, or a larger network of sites, Godaddy is definitely not the way to go.
I must agree from the point-of-view of their checkout process - it is time-consuming, messy and annoying, but you don't need to use it too often do you??...and I'm not too keen on the way they sell hosting & their 'free' hosting is rubbish (the godaddy header makes it unusable)... I do however like their pricing ($1.99 .info domains 1and1.co.uk is £8.99) and the sense of certainty you get from a big host.
As someone else mentioned...GoDaddy is a great domain registrar...but I would never host with them. I love that I can register a domain with them and have the web site showing up within minutes. The only problem I have ever had with them is when I screwed up my password and had to call them to reset it...kind of pain the a$$, but other then that, I love them...(for registering domains)...