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Doesn't bother me at all. I haven't read a lot of McCarthy, but The Road was one of the most haunting novels I've ever read and the lack of quotation marks just worked.
Lack of quotations marks also seemed to me to make sense in E.L. Doctorow's Ragtime, another all time favorite of mine. Perhaps because it included real life historical characters and Doctorow was putting words in their mouths, the lack of quotes suggests that he wasn't quoting them exactly but just conveying a sense of what might have happened.
Finally, lack of quotation marks (and paragraph breaks) is a key element of the style of Thomas Bernhard, whose novels are typically one long explosion of outrage at the world, unadulterated by punctuation other than an occasional period. It works for him.
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