We just bounced this idea around a bit while launching the beta of matchist (
http://matchist.com).
The way I see it, every email is an opportunity for feedback and I like to make it as easy as possible for customers to give us feedback. So we've started sending all our emails from founders at matchist dot com, so if they reply, they'll actually reach us.
I also think the "no-reply" thing is very impersonal. I personally HATE when I read emails that say "DON'T REPLY TO THIS EMAIL. IT GOES TO AN UNMONITORED BOX AND HONESTLY, WE REALLY DON'T CARE WHAT YOU HAVE TO SAY NOR DO WE WANT TO HEAR YOUR WHINING."