Reliability in the sense of having issues while the computer is on or issues with the computer turning on/off is very much an either/or proposition. For a group of bad PSUs, even the crappy ones have units that can last quite a while with no or very little noticeable effect to the user. I have one crappy unit that powered a P4 machine, and the only really strange instance was when I closed Firefox and the whole computer just basically booted up again. Well, and that it couldn't deliver enough power to a second HDD.
The thing with some of the cheapies is that while they might run, what they do while the run can be damaging to the computer. Voltages going out of spec or noise/ripple going out of spec can cause instability or damange to anything downstream from the PSU(mobo and everything attached to it).
Another flaw is that there are not protection circuits or other circuits that monitor potential deviations from proper operation of the unit.
Yet another flaw with some super cheap units is that when they do die, the PSU just destroys everything with it.
As far as cheapies go, the Corsair CX series, the Antec BP350, and some Sparkles are the primary units I would consider. Diabloteks, Raidmax, Coolmax, and Logisys are to be avoided. For HEC, I guess the 80 Plus Bronze units that go for cheap from time-to-time at Tigerdirect are okay since someone tests them, even though the 80 Plus cert has rather lax standards with regards to proper operation of the PSU since they test the unit at room temp.