I just setup my first account with godaddy and had zero installation issues.
I uploaded the untarred files to my root directory.
Setup the database from the ‘My Hosting’ menu on godaddy which gives you the username, password, and server (localhost doesn’t work on this one..the 1%) for use in your wp-config.php
Then proceeded with the 5 minute install. It took more time to upload the files, than to setup wordpress. I was worried before I purchased the godaddy hosting becausee there are a lot of negative experiences. Either I got lucky that others figured out the necessary change to hostname or godaddy made a change to simplify the process.