I prefer none and have lots of knives with none, including budget liner locks with great action. Some required Skiff bearings to get there but overall, lots of companies just seem to be doing a better job lately. (Heck, Kizer even has budget knives running on multi-row bearings now.)
On knives that have it, whether or not I'll tolerate it depends on a lot of factors. For instance, I'm much more picky as the price goes up. Also, I'm more tolerant of lateral play than I am lock rock. On something like a Spyderco Dragonfly--a lock-back that doesn't even use washers or bearings--I tolerate a much higher degree of play because the the half-and-half choil or whatever means I'm always holding the base of the blade between my thumb and forefinger anyway.