Provided that you have a proper shampoo that isn't stripping all the oils off their fur, it isn't so bad. Show cats are regularly bathed and they're judged on the quality of their coats.
One issue you have to worry about, though, is that if you bathe one cat in a multi-cat household it will smell different to all of the other cats. When this happens it can stress out all of the cats because they think the clean cat is a "stranger". For this reason alone, I try to avoid bathing my cats as much as possible or if a bath is necessary I don't wash all of the cat.
I've been lucky with Sherman. I was certain since he's so fussy about me brushing him and trimming his claws that he would try to shred me when I had to bathe him. He seemed mostly lost and confused the whole time, enjoyed getting his back scrubbed, then seemed to really like being dried off.
He decided to come back later, while still damp, and lay on my lap while he groomed more of the moisture out of his coat. Payback I suppose.
Finally, cats pick up the smells in their environment. If you find your cat smelling a bit you may need to change litters, vacuum or mop more often. You could also try putting some dried lavender or mint (the plants, no oils) in a cat bed - just make sure it's covered with a cloth so that the dried bits of plants aren't getting in the fur and all over the house. Mint would be completely safe. You can also look for other cat safe deodorizers that may be safe to wipe on your cats - I've noticed in most homes that peoples pets often smell like their owners lotions and perfumes from petting, with no harm to the pets.