There's no doubt that Bluehost is a fantastic shared hosting service. In fact you could make the case that Bluehost is the very best at providing low cost, high end linux hosting in the world. I certainly think they are. But there are a few holes in their service that can make Bluehost a little frustrating to work with. Just like any service in any industry, web hosting in general depending on the provider can provide it's frustrations to it's customers. Bluehost is no different. The following are 2 brutally honest facts about Bluehost:
1. Unlimited Storage Yes! Watch out for CPU
Bluehost like many of it's competitors boasts unlimited storage and unlimited bandwidth for it's customers. While Bluehost does honor this claim, where you actually run into problems is with "CPU usage". Your Bluehost account will unexpectedly shut down with a "Exceeded CPU" message that will leave you frustrated. The key here is to not upload as much data to your Bluehost server as possible. Be realistic. A few gigs? Sure! A few hundred gigs? Come on now!
Also if you run a big Wordpress blog, be sure to use caching of some kind to prevent so many queries to your MySQL database. This will prevent you from running into the Bluehost CPU problem.
2. Unexpected Deletions of Files & Databases
Customers including myself have had issues with Bluehost in the past in regards to data being deleted without notification. Normally when a website of yours gets hacked, Bluehost will simply delete your site and database without even telling you. They other problem with this is that they won't backup your data before deleting, leaving you high and dry. It's a well known fact amongst long time Bluehost customers that backing up your data on your own is a must with Bluehost. Otherwise, expect to lose your data if your account or website(s) is compromised by hackers.
Having said all this, both of these problems can be avoided. If you backup your own data consistently (I recommend at least weekly) and if you are somewhat moderate in the total amounts of data you host on your server (multiple gigs rather than hundreds of gigs) you will never run into these problems.
I hope this gives you a better insight with Bluehost and what to be prepared for. Bluehost is a fantastic shared hosting service with very good customer service and support. If shared hosting is what you are looking for, Bluehost should be your first option. If it's VPS or a Dedicated Server service there are of course other providers for that.