Oosh. I could write pages on this.
Briefly:
Power: depends more on the displacement/compression/cams etc more than the engine configuration. The power curve, however, tends to be different with each. Twins usually reach their peak hp at maybe 75% of max rpms and then drop off or level off from their whereas inline engines usually hit peak hp close to redline (there are exceptions to both of course).
Torque: Twins are generally "torquier" than fours for a given displacement. Again, there are exceptions depending on the state of tune. A Yamaha R1 is a four, but will yank your damn arms off if you're not judicious with the loud handle.
Reliability: Much more a function of manufacturer that engine config. One diff is that fours generally need valves adjusted less as they are smaller (16 rather than 8 @ four/cylinder).
Easy to work on: Fours are generally easier to work on as everything is right there under the gas tank. Twins can be a pain as the radiator is in the way of the front cylinder head and the rear head is sometimes tucked back in the frame and hard to get to....depends on the bike.
Smoothness: 90 degree v-twins have perfect primary and secondary balance so are never "buzzy".....they do have a bit of throb to them, which most people like (character ya know

). Fours can be really buzzy or smooth depending on whether they are counterbalanced or not and to what degree.
Fausto