Fret Buzz : acceptable or not?

I am starting this post, out of a question on another thread. How many of you play a bass with fret buzz? How many of you cannot stand fret buzz? I hate fret buzz on my basses. I have friends who have it & just ignore it. It used to be expected that it should be eliminated, no matter what, because it was a defect. In music shops, it seems there are more new basses that have buzz, than there used to be. Is that ok with some of you? What’s your opinion?

It depends entirely on the style.

Fret buzz/clank is a crucial part of the sound for certain styles (Flea, for instance) and would ruin another (like Motown).

I prefer to have my basses set up so that there is no buzz/clank at all when I play with a lighter touch, and I can control the amount of it I want in my sound with my right hand.
 
A very, very small amount of buzz is not just ok, but desirable to me. Not too much though; I need to be able to clean it up a little by easing off of my attack.
 
I can tolerate a pinch of it on the E string at the first fret, if I lean back a little. It adds an angry edge. Anywhere else, it sounds like a fretboard that isn’t straight enough.
 
I wonder what kind of fret buzz our electric bass ancestors experienced in the early days of amplification given round wound strings were not the norm, and amps were less than clear. Any one out there play bass in the late 50s early 60s that can speak to this?