The stealth look is definitely preferable but as has been mentioned becoming almost as cliched. I don't mind colour and design on frames and done well it can enhance a bikes lines and look. Matt black is fine but I'd like to see a bit more use of colour in the mix as well.
All I want is decent looking bikes tastefully finished with a minimum of writing on them. Being a bit of a traditionalist I think a head badge is sufficient to proclaim the make of bike and the model of bike can be neatly written in an appropriate font on the top tube (or crossbar as it is more accurately known as.) I mean is that too much to ask.
It occurs to me that the 80s was an era in which there were a lot of really, really disgusting paint jobs. Perhaps not quite as liberal with the writing but then again there weren't as many bikes with over sized tubing on which to put it, but the paint jobs...oh my. (Apart from the Raleigh team panasonic range which will forever have a place in my affections)