Personally I support the concept of low/no notice inspections as I think anything else is totally pointless (my absolutely awful school totally faked Ofsted back in the 90's, when they got notice).. I'd personally go further, and have zero notice inspections, carried out at more random intervals, so schools really cannot prep then, and it gives a more accurate snapshot of school life.
BUT in return, the inspection needs to be less formulaic, less about lesson plans and box ticking, and more about real teaching and real school life. There also needs to be more story e for schools in between inspections, so it's not such a shock.
I don't think they are 'everything' as a parent, but they are useful, and I'd hate for the reports to be kept secret. I was tempted to send my toddler to a particular local nursery until I read their Ofsted - babies not given eye contact, babies out to sleep in an unsafe and unsupervised room, toddlers allowed to climb high on furniture unsupervised etc.
I know the idea of inspections is hugely stressful, but they are common to many areas of life, and when it comes to protecting a vulnerable group with limited capacity to complain effectively (children), then I think inspections should be expected as part of the territory.