Let me please, from my eternal newbie point of view, tell you what I think regarding time machine reliability.
Briefly, I would say it works fine. Until you really need it. It's a little bit like insurance companies : they protect you from everything, except what actually happens.
After a severe crash, my main (boot) HD needed to be restored. I had no fear : everything was kept safe in my time capsule by my trustworthy time machine.
The result was not as expected. Not only my HD was not restored (although it had spent a whole night working), but all the previous backups had mysteriously disappeared from the backup volume.
Hasta la vista, is what I had to say to all those files, musics, photos and films.
So my answer would spontaneousty : NO it doesn't. It is only supposed to.
In other words : it is pure ****.
My post might be totally useles, but it feels good to tell.