As far as unreliable, any camera maker or model can have problems, have had an M8 for about 9 mos. Went through an initial stage without UV/IR filters and then upgrades and filters and now have a camera that works fairly well. Never been back to Germany or anywhere else. Other makers and models have issues to, have had two Canons replaced, died within 2 weeks or 6 mos, a S3 having power issues and a power module, whatever, that was replaced. Stuff happens...period. That said, M8 is a tool for a certain type of shooting, nothing less, nothing more. It appeals to some who appreciate it at a cost, and not so much for others.
As a camera, for what it is, it is great, small, light, inconspicuous, no it is not the best for long tele or macro, DUH.....what do you want. I shoot it along side of my dslrs, not in place of them. As for lenses, I have Leica, Zeiss and CV. They all work very well. Looking at prints, even larger prints, 16x24+, they look great. I can shoot wide angles that are sharp corner to corner, not such an easy task with the 5D I had, but that is another story. Look at prints, not your monitor as a final test. IF you only looking at a monitor for useage, buy a P&S. It is the best camera for B&W since my Hassies. Use it for its strengths, end of story. Don't worry about the rest, JMHO