I think you're both a little bit correct. Ikea probably sells the best quality flat-pack furniture out there, but I think it's pretty fair to expect their stuff to fail in some way within 5 years of normal use. Keep in mind the failure may or may not be catastrophic, and the item may still be usable for some time. They're definitely a good value, but only if you're OK with eventually needing to buy replacements.
Some personal anecdotes:
Lack coffee tables: utter trash, fell apart quickly (in a way reminiscent of what the grandparent post described)
Galant desk: still going strong after 12 years and 3 moves.
Aneboda dresser(s): Got three, 100% track failure after a few years and no longer suitable for daily use.
Billy bookcase: re-shelving books pushed the backing loose, and the thing looked like the Leaning Tower of Pisa until emergency repairs were undertaken. Will be junked in the next move.