There are a number of potential problems with hydraulic lifters. Frequently, the valvetrain will rattle loudly on startup due to oil draining from the lifters when the vehicle is parked. This is not considered significant provided the noise disappears within a couple of minutes, typically it usually only lasts a second or two. A rattle that does not go away can indicate a blocked oil feed or that one or more of the lifters has collapsed due to wear and is no longer opening its valve fully. The affected lifter should be replaced in the latter situation.
In certain circumstances, a lifter can "pump up" and create negative valve clearance so that its valve cannot close. Typically this occurs in the most upper rpm range of an engine, and limits the engine's performance. Lifter pump-up is serious, as there may be interference of the valve with the piston or, burnt valves may result. In all cases it is important to follow the manufacturer's recommendations for oil viscosity and quality.