I've had mine a couple years now (maybe 3). Does what it's supposed to. I don't find it that loud, meaning I would wear ear protection always if it were the only think on. However, there's usually another tool making loads of noise so I normally have them on.
I find the cyclone separator works well - not worth what they'd charge you - but as a freebie it's good deal. I figure I get around 10 trash cans full before I need to empty the bag. Course depends what you do. You could run a planer all day and never need to empty the bag. Lots of sawing/sanding and more carries over.
I bought replacement bags from Penn State (maybe 1 micron, can't recall). Definitely replace the stock bags with something, they're like 30 microns and will cover everything with dust. The felt bags I have there is almost no dust. If I did it again, or if the felt bags ever wear out, I'll probably go with the cannister filter and plastic bag item that's now available. The cannister, at around $200 though, is pretty pricey. But I like the convenience and the much greater surface area.
I've had great luck with Grizzly tools, and the 1029Z is one of them.