I am in the process of painting my daughter's room. Started w/ painting the ceiling so far. Probably get to the walls this weekend.
Anyway, I picked up a gal of Olympic paint at the big blue box store to do the ceiling. I was amazed that I was totally unable to detect any odor when I did the cutting in. The evening I did the whole ceiling it did smell like paint, but was only mildly paintlike. Certainly not overwhelming.
I set a couple fans to blow the air out of the room, and after a couple hours you couldn't tell there had been any painting done.
The can does not indicate VOC content, but I was impressed enough to comment about it here as well as I figure I will be going with their paint for the rest of the room as well.
Sure beats stinking the place up for days until the paint is completely dried.
My inlaws had their dining room painted recently and it was done in oil based paint. They had to have it redone w/ latex because my father-in-law was having reaction to the fumes it was giving off.