Man of Honour
If you keep the dog clean and make sure the dog's bed is regularly cleaned then the smell is minimal and certainly one I am happy to accept for what I get in return from the dog.
Whenever I smell dog in someones house I just think 'ah, they have a dog' and don't think anymore about it, you just accept that dogs smell of dog. If there is dog business all over the place then of course it's a different matter.
The size of the dog matters, too. We had a cairn terrier. No effect on the smell of the house. Next door had a big lab and a big German shepherd. You could smell them in the house. Not a nasty smell though - both dogs liked to bathe.
The smell associated with dogs that always gets me though is that of tinned dog food; that sickly sweet meaty smell.
That brings back memories. Damn, that stuff stinks. The dogs loved it, though.