I've always wondered the same thing...def. more than the sum of their parts in that respect.
I've met doodles that make me think "that's why they're so popular" and some that make me think "who in their right mind came up with this cross??" Despite my dislike for the purposeful breeding of them, I think I prefer Goldendoodles over Labradoodles...though that opinion isn't solid. I've met too many of each who I know where just people with horrible petstore Goldens and Poodles going "let's breed!" and these puppies reflected that. Then I've met some that I'm sure weren't the best stock, but the pups came out with good qualities from each.
If people would put their foot down and attempt to go about this the right way, I could possibly be ok with it. But until then, I just can't approve, though I wouldn't turn down a shelter doodle if it came along.