Lots of good discussion, I'll chip in a few points..
Radiator upgrades. Yes most of our radiators were replaced, including the ones fitted only 8 years ago when we had the extension built. For best efficiency you want to run on as low as a flow temperature as possible, so have the biggest radiator surface area to conduct heat into the room. Most of our upgrades were to swap a single panel for a double panel radiator, a few of them were slightly narrower than the original and one (in the lounge) was quite a bit bigger.
In practice the radiators are mainly under windows, not really space you use anyway, so there was minimal disruption.
Microbore. We have 15mm throughout so not a specific issue for us, but the installers did fit two pumps in a push/pull configuration to ensure a decent flow rate round the system. 10mm microbore with an ASHP is do-able, 8mm is more problematic. But a decent installer will do a full heat loss survey and design your system from there.
Gas vs Electric. At the moment electricity prices are artificially tied to gas prices which makes gas boilers comparatively cheap to run when compared to ASHP's. At some point as the UK grid is more based on renewables I believe this tie will be severed, but even now, gas is about 1/3 of the cost of electricity, any well designed heat pump installation should be at least 350% efficient so it should cost about the same to run, if not slightly less. There are of course people who have had badly installed systems with poor efficiency, but plenty of good installs now and Heat Geek installs (very much at the premium end of pricing) are achieving 450-500% efficiency.
Hot water cylinder. Definitely an issue if you don't have a conventional hot water tank, however there are now high efficiency cylinders that will fit in a standard sized kitchen cupboard that can provide sufficient hot water to have a shower, bath, etc. YouTube video from Heat Geek on this, it was very impressive, he ran a shower connected to the tank for I think 50 minutes with the heat pump continually reheating the tank with no loss of shower temperature.
Siting the ASHP. No single easy answer, every home will be different. Our heat pumps are underneath the lounge window (our bedroom above), and yes you can sometimes hear it humming, but its not particularly noisy. Planning regulations do vary by region though, Wales in particular has quite stringent requirements (see Speak to the Geek videos).
Overall after 2 years living with it I'm happy enough with our A2W heat pump. It does use a lot of electricity in the winter, but negligible in summer and as I said, overall running costs are similar to the oil boiler (but with what we generate from our solar panels the actual running costs over the last year was zero). We've gained more space in the garden, don't have the stress of running low or out of oil and we have mains pressure hot water for showers now.
If doing again there are some aspects of our install I would challenge and do differently, but nothing major. I would also consider the A2A systems which are much cheaper to run but are more invasive to install (although you can remove the radiators afterwards), and you need to have a separate system for heating the hot water, and at the moment no BUS grant.