As a reader, a lack of description only bothers me if it results in confusion or it seems like the writer is using it to suddenly throw in objects out of plot convenience.
A character in, say, a bedroom, who picks up a knife they need but which has never been mentioned before is jarring because it isn't the sort of thing one expects to find in a bedroom. This kind of thing can put the reader off, whereas picking up a knife in an undescribed kitchen would seem pretty normal.
I would say a lack of description doesn't bother me in 'talking head' scenes, but a fight scene where you intend to throw furniture around really needs a good room description before you start. Suddenly overturning unmentioned tables or pulling swords from a wall display that has seemingly only just appeared will, IMO, ruin suspension of disbelief.
Hope this helps <img src="/ubbthreads/images/graemlins/smile.gif" alt="" />