The 147gr 9mm loadings were originally developed in the aftermath of the 1986 Miami Shootout and the resulting change in FBI (and by extension most LEO) thoughts on handgun bullet performance. Originally, they were designed to give better penetration than the 115gr 9mm loadings then-available (124-127gr loadings didn't come along until several years later). While they certainly did penetrate better, it wasn't possible to get reliable expansion from 1980's and early 90's era .355" bullets at subsonic velocities while still maintaining feeding reliability in a semi-automatic handgun. Because of this, they quickly gained a poor reputation based on numerous failures to expand.
Modern-day premium 147gr 9mm loadings are, as has been pointed out, greatly improved. With good ammo like Winchester Ranger, Federal HST, or Speer Gold Dots, a 147gr 9mm can offer both reliable expansion and excellent penetration.
That being said, I much prefer a mid-weight 124-127gr +P or +P+ loading like Winchester Ranger 127gr T-Series +P+ or Speer 124gr Gold Dot +P. 9mm loadings of this weight have had a pretty universal good reputation from the get-go and have proven to work well at velocities from 1100fps to over 1300fps. By choosing the faster 124-127gr 9mm loadings, I feel that I'm better compensating for velocity reductions due to variables like barrel length, intermediate barriers, and range. Also, from the guns I've shot, 9mm loadings of this weight are usually very accurate and shoot closest to POA.