What bothers me as an old-school photographer is this. When you really pushed it with film (e.g. overprocess 400ISO B&W film to 1600 ISO and even then maybe underexpose at the enlargement step) you got nasty grain. But that was uniform "noise" all over the picture. Nowadays, noise reduction is impressive, but at the cost of sometimes changing the picture. For example, the IP cameras I have, sometimes when I come home on the bike, part of the wheel is missing, having been deleted by the algorithm as it struggled with the "grainy" asphalt driveway underneath.
Smartphone and dedicated digital still cameras aren't as drastic, but when zoomed in, or in low light, faces have a "painted" kind of look. I'd prefer honest noise, or better yet an adjustable denoising algorithm from "none" (grainy but honest) to what is now the default.