PayPal is fine, really, at least for me. I am seller rather than buyer. I rarely buy through PayPal. I have had chargebacks happen 6 months after the payment, mostly losing them. That's the cost of doing business. Sometimes you lose for certain assholes.
I have been on the dark side of PayPal too. I have had negative $1K in balance. I disconnected my card (through my banking website, I just blocked PayPal so bank never sends money to PayPal). I had been put on debt collection agency's wrath. They would send me letter saying that I need to pay back or else they will have to come and take my stuff. The thing it, they have no power to come and take my stuff ... they were chasing the wind.
Eventually I got back up, paid my debts (straight to PayPal, they removed me from the debt collector agency's list, I didn't have to call them or anything). I'm still fine. Perhaps, the fact that I have business account helps? Or that I had taken 3 capital advances or something ... I really haven't been fucked by PayPal so far.