Reliable if you get a good one. Expensive as hell if you don't. Be prepared to spend at least $400 on a pre-purchase inspection -- it's basically a prerequisite for those looking at older Porsches.
That said, though I'm not a big fan of the whale tail, I've got a soft spot for the SC and 3.2 porsches from the late 70s through late 80s. They are old enough to have the classic 911 shape -- the 964s and the 993s were significantly different -- yet new enough to not be rusted out and the engines are pretty bullet proof if you find a good one. The Turbo though ... lol that might be a different story