I can't stand the errata as it stands now.
To begin with, it is far too often. Once per year would be enough for my taste. (Preferably not at all.)
My biggest problem with errata is that it combats the min-maxing phenomenon. In the end though, the min-maxers find another loophole, and those of us who don't "optimize" get our characters nerfed. I've had characters (especially wizards) become significantly less effective thanks to errata (I still remember the Grasp of the Grave nerf -which fit my character concept- making me obviously less effective. And yes, I heard the arguments that it was overpowered at the time, so there is no need to rehash it here.)
It's really easy for people who like errata to say "If you don't like it just ignore it." The problem for someone like me, who only decided to play 4E because of the DDi toolset, is that the tools don't allow for the choice between using errata or not. You either choose to use errata or stop using the tools.
Even worse for me, one of the guys in my group is a total luddite. He doesn't even have his own e-mail address. He refuses to entertain the idea of viewing our campaign web site. Whenever I've shown up at a session with a stack of paper with the plethora of updates he effectively rolls his eyes and ignores it. How does one reconcile that? (Not to mention how irritating it is to rifle through all of that paper when someone recalls that something might have been changed during a game.)
I've seen the argument that people will houserule in place of errata. Is the implication that with errata people won't houserule? I'm very active on Twitter, and the #dnd community on there is always developing new houserules to "fill in gaps" even ones created (or supposedly fixed) by errata.
If it were realistic for me to ignore the errata then I'd have less of a problem with it. If Wizards put in a switch to "turn off" updates in the toolset I'd have far less of an argument.