Adobe's noise processing algorithms in their software are something else, especially in ACR6/Lightroom 3.
I moved 'down' from a 5D2 to a Panasonic GF1 as I don't shoot pro anymore, and ISO1600 on this thing with a slightly-off exposure can be pretty noisy. Lightroom cleans it up incredibly well without losing clarity/sharpness. Before that, I'd just do all I could to keep the ISO down so I didn't 'lose' images to noise.
The basic theory for doing this type of deblurring isn't too bad, but making it easy and automatic becomes a really difficult computer vision-related problem. Adobe has been working on this (and a lot of other pretty cool stuff) for quite a while. It'll be interesting if they ever ship it.
(http://adsabs.harvard.edu/full/1992ASPC...25..226K)
What an awful URL.
Sorry for OT, was just happy to see the coincidental link to a Hubble photograph.
For example, if you see what looks like blurry skin, and you de-blur it into skin, no-one will complain. Unless your de-blur noise elimination thinks the blurry eyes are noise, and turns the subject into a faceless monster.
On a side note: does anybody know of workable deconvolution algorithms that vary the kernel over the image? The example would be compensating for a bad lens.