I joined my current guild at the beginning of Wrath. Since I have joined, it has been pretty much the same core group of people with a couple of additions here and there. I don't really do a lot of participating in guild activities, so maybe there is drama, but I havent really seen it.
My guild history starts way back in Vanilla WoW with my first guild. It was called The Red Dragon Clan. I first joined it at around level 20 when the guild started. It was a fun time. We went out to Loch Modan and shot off red fireworks to celebrate. I dont remember a whole lot about the guild, but I did keep in touch with one guy off and on over the years after the guild broke up. He helped me out with free health potions when I was a young warrior that couldnt kill anything.
I then joined a guild called The Drunken Fist. It was a pretty casual guild, and I ended up leaving it for a guild called House IIMKI (If it moves kill it).
I had some of my most fun times in this guild. We ran 5 mans daily and I made a lot of friends who I still keep in touch with today. Well, one day during BC, one of the officers in the guild basically rage kicked everyone who was not an original founding member over a loot dispute (level 40 something being dragged along in the horseman event rolled need on and won the helmet over the level 70 warrior).
From there, most of the guild who got kicked out reformed in a guild called Reborn. I was with this guild the rest of BC and into Wrath. We had great times raiding and eventually got into the Black Temple. When Wrath came out, the guild started to die. People were not leveling at the same pace. The ones who wanted to raid RIGHT NOW jumped ship. I hung on for as long as possible, but it was apparent that the guild was dead.
I then joined some of my former guildies who joined my current guild...MeleeStorm. This is the guild I have stayed in during that time. A lot of the people that I joined the guild with have moved on to other guilds or have quit the game. I still toil on. It could be that I dont notice that there is guild drama because I mostly keep to myself these day. Or it could be that the core of the guild just generally enjoys each others company. I am glad I dont have to deal with drama. Drama is for real life....not a video game.