I have the first generation Kickr, using it for about a year. I'd guess I've put somewhere in the neighborhood of 500-600 hours on it (the joys of Ironman training over the winter).
In that time it was been faultless. I would not hesitate to purchase again if I had to do it over.
If your bike has a non-wheel based power meter, the Kickr can actually govern resistance based on the Power Meter, so consistency is near perfect (even with out spin downs). The Kickr was probably the best training related purchase I've ever made.
A side note on noise; the noise increases with speed. But if you're using the trainer in ERG mode, you can greatly reduce the noise just by running on the small ring up front and a bigger ring in the back.