Working at a store level, I have seen some pretty bad effects to large water changes ordered by my over zelous boss. The fish tend to clamp up after about 24-48 hours, the whiskers of the cats and guramis fold back and then disease sets in usually fungal or septismia. I think that you need to do water changes but you really shouldn't be doing blind water changes at the same time. You really need to watch your perameters so that you can be aware of what the health of your aquarium is. Now granted I also feel that once you have a fish in your home it will react differnt then on the store level because the water is constently changing with the arrival of new fish from farms and wild caught rivers. But I strongly believe that it is more vital to maintain the health of your bacteria as this will determine the health of your fish.
None of my fish seem to hate it,and quite alot of them like to play in the flow when i pump the water back in but since changing my siphon pipe to 1" black flexi my aro has bit it twice lol,but other than that,fine.
None of my fish seem affected by it. They get a little spooked by the hose when I'm siphoning water out, but when replacing the water they swim through the new water coming in.
I voted one purely to the fact that I have ensured that I do my best to match new water to the params in the tank.
I believe this is the key - stability. Fluctuations are the stress factor
Fish love nothing more then fresh new water IMO
Over the years the confidence has grown and I have no doubt fish grow faster, colours are deeper and life expectancy is tenfold with consistent stable water changes