I used a no-doc loan to buy my house in '05. It was a pretty easy process once I found a mortgage that had a reasonable interest rate. I'm not sure how important shopping around is with a traditional mortgage, but with the no-doc I found interest rates varied up to three percent between different companies even if the rest of the deal (points, down payment, my credit, etc.) was exactly the same. So, if you have amazing credit and a little time on your hands to shop for the best deal, go for it.
BTW: I agree with everything golddigger said except that you need a stable employment history. I moved around like mad in the years before I bought my house and it didn't affect my mortgage.