I like mine. I bought it after going through 3 - $250+ Hoovers in 4 years(thank god for Costco's return policies). The Oreck has been going strong 6-8 years(forgot exactly when I did get it) with only minor maintenance ( bags,rollers, belts) I am a daily vacuummer.
Pro's
Light weight
easily fits under furniture
Con's
suction is mediocre
bags, belts and rollers are expensive.
When I got mine, I skipped the free iron, in exchange for the high end tank vacuum( had to be pushy but they gave it to me)
I do like my Oreck but.... if I were to go buy a vacuum today, it would be a Sanitaire. The suction power can not be beat by any other vacuum(it is on par with Kerby without the weight or price). I would look at the Sanitaire reviews online( they are outstanding) before purchasing an Oreck. Sanitaires are in a similar price range.
My mom just bought one online and loves it( she was going to get an Oreck I talked her into the Sanitaire instead), it came with a free tank vacuum.
Sanitaire looks like a 70's style vacuum and has no bells and whistles(much like the Oreck), it weights a few pounds more, but is still light. Keep in mind the Oreck only weights 8 pounds when the bag is empty, the bags hold quite a bit and probably weight 3-5 pounds more when full.
I am indeed waiting for the Oreck to need an expensive repair. So I can buy a Sanitaire myself.