One of the guys on Matt's Off-Road Recovery has one and it seems to be pretty capable.
After numerous upgrades.
Most guys who are serious off-road 4x4ers upgrade from the factory specs, just like a lot of serious shooters upgrade from the factory specs. I didn't buy over 70 McM stocks just 'cause.
Yeah. No one doing serious stuff is doing it on a base anything. I've got a lot of offroad miles on my 21 Bronco and have spent a lot of time with 7-8 other off road Broncos. One had a fuel pump failure on the trail, which sucked getting it out, but fuel pumps go out in anything. Spend time on some serious trails and you will see failures of all kinds on every make and model. It's as reliable as any new vehicle these days. Computers suck, but if you buy new, they all have them.
I've upgraded my suspension, but I've done that in every 4WD I've owned, and upgraded the steering rack and tie rods, as well as carry a spare. Put stronger rear gate supports on to handle the wear and tear of off road, and done a few other things for personal taste.
I'd put a few miles on one before claiming it's a POS, but I guess it all depends on what you are after. If you are looking for Lexus comfort, you aren't going to find it in a Bronco. Most of the issues have been from running 37s or larger with minimal changes from stock, which should tell you right there how capable it is from the get go. Try putting 37s on just about anything else stock and see how it goes.
Bottom line, it's a lot of fun off road, but it's also capable of making cross country trips enjoyable.