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The only appeal I see is that the house in a subdivision is likely to be newer and therefore have less things that need to be repaired. People also buy into the myth that their property value will hold better because the HOA is run by psychos.
I'd prefer a more custom looking house but here in the Phoenix area there are few non-subdivision houses that are not small, old, or expensive. The incentive for buying a cookie cutter 4br house for under 170k vs a 2br house for 250k is pretty easy to see.
I can see the point of an HOA but their powers need to be extremely limited to making sure that residents are keeping up on the maintenance of the houses only. They shouldn't be able to tell you what you can and cannot put on/in your house.
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