I drive a panther chassis ford (1997 Lincoln town car). I love it. I understand why most of my friends make fun of me for it.
The good:
Easy to work on
Parts are cheap
Reliable (never stranded me)
Great value
The bad:
Gas mileage
Solid rear axle (you can tell on rough pavement)
I've had bad luck with the power windows (however, they are easy and usually cheap to fix)
The jobs I've done on the car:
Alternator (put a rebuilt autozone unit in, had to replace it, but have free alts from autozone forever, as they carry a lifetime guarantee that I was assured transfers to replacement parts)
Front upper balljoints, lower balljoints, sway bar end links
Rear air suspension springs
Spark plugs + wires
Front + rear power window gear repair, both sides
Front power window regulators, both sides
lots of new vacuum hoses
cleaned several engine sensors (lean conditions code had me cleaning the MAF, so I just did a small tune up on several of the other easy to get at ones)
I had no experience with working on cars going in, I just knew that I wanted to learn. You can't pick a car that is as simple mechanically that was built in the last 20 years. This is a blessing and a curse - this is the source of the car's great reliability (jlee's experience aside), ease of repair, but it is also the source of the soft handling, relatively low power, dated looks.
I'd buy a used cruiser in a heartbeat, because I know that I like the style of car and that I could keep it on the road without spending a fortune on it.
I wouldn't recommend it to everyone though. Test drive one and make sure you're ok with how the panther chassis cars driver. If you can, take it over some rough pavement.
But hey, all my friends that poke fun at me are always wanting me to drive if someone's going to be in the back, and I think it's a hell of a classy looker: