You cannot possibly lump HOAs into one category as good or bad. There are so many variables involved, and those variables themselves will differ from neighborhood to neighborhood and location to location.
If properly run, they are invaluable. If not, they can feel like you are wasting time, money, and energy. There are always some people that refuse to cooperate, some that want to enforce rules to the T, some that are difficult in meetings and are actually counterproductive... but again, they can keep home values up, and even protect your neighborhood legally in certain instances.
I wouldn't let an HOA deter you from a home. Ask a couple people in the neighborhood about it... if they say it's a waste and doesn't do any good, move on. But don't let it scare you away from a house.