After a year of using the Baofeng, I have some more thoughts about it now.
If you want to use it for simplex, maybe not such a great idea. It has terrible adjacent channel rejection. If I use it on 146.520mhz/simplex in my car, I can hear the traffic light relays, the NWS freq (~162mhz!), and a lot of other local noise. Well; if you are in a big city it could be a real problem.
However if you are using the radio for repeaters; then the adjacent channel rejection isn't that big an issue and it is OK for that. Since the auto-squelch deals with most of it. Unless you are really close to a spurious noise source. Still a great deal overall.
Really depends if you live in the country, near a source of noise, or in a urban area - IMO . . .