It's reliable but a little hard to find parts for. The 2 cyl. Hinomoto diesel engine seems pretty bullet proof and delivers about 24 - 26 hp at the PTO. The loader will lift about 800 lbs.
So far I've had to replace the hydraulic loader valve, hoses, the battery, and the muffler. Had Midas make up a reinforced muffler and rigged up a support of my own. Otherwise the muffler pretty much hangs from the manifold and tends to crack it. I've been buying spare parts when I find them (just in case). They're hard to find but are out there if you look.
Performance - For my needs, a little bit larger seems to be better. I had an IH 424 that was better suited to what I use a tractor for. I have a 5' brush hog for it (seems to do okay with that).
The loader and back blade seems to struggle with decent snow depths on my flat 500' driveway. The diff lock stinks (you have to clutch it first...but the clutch and the diff lock are on the same side and use the same foot). You can engage it without the clutch but you have to do it slowly and sort of "feel" the gear teeth line up. Weight on the back and chains all of the time is a must with a loader on this model. I usually leave the back blade on it.
The operator position is a little tight to get into with the loader attached. The down pressure on the PTO is pretty flaky and doesn't work as well as the one on my IH 424. I rarely try to use it and mostly opt for a few cement blocks and keep my hand on the lift control.
It's okay for light work (like mowing) but I'd really recommend something in the 35 - 45 hp range for a really versatile 2WD tractor.