It is well known that they can be beat. Thus no they aren't reliable. However, if the person being tested doesn't know how to beat them, I believe they are fairly accurate. Obviously no machine is perfect and since the science behind the lie detector test isn't very good, the results are hit and miss.
I once saw a news clip covering a study that was done on people who could detect lies. A lot of people, say judges for example, think they can detect lies. Watch Judge Judy on TV once in a while and she'll say on almost every show that she is very good at detecting lies since that is her job and she does it day in and day out. For every occupation tested, the people who thought they could detect lies were no better than random chance. That is, except one occupation. Professional poker players. They weren't perfect either, but they did far better than random chance. Why? Since they attempt to detect lies day in and day out, but they are the one occupation where they see the truth. The cards don't lie. Thus they get a chance to learn from their mistakes. Judge Judy makes up her mind on a case, gives a judgement, and moves on never really knowing whether she was right or wrong.