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I've actually heard the opposite. I was planning on moving from BlueHost to Media Temple Grid Server. I know neither are top-of-the-line-or-even-close services. But I don't have any 24/7 mission critical projects either.

We use MT at work and have had dozens out outages in the past 6 months. Your mileage may vary.

Do make sure you leave Bluehost. They denied some stuff about a big malware attack and generally acted ridiculous:

http://blog.sucuri.net/2010/06/bluehost-talks-down-malware-p...

We've been using a $20/mo MediaTemple grid server for site hosting the past 8 months, haven't noticed any downtime before this.

I've been using MT's grid service for a about 2 years. About a year ago my websites started being unavailable for brief periods of time (<30 minutes) at increasing frequency. In november I moved away from them, at that time I had on average one such mini-outage per week.

Media Temple Hacked?