I had a friend who used a Fostex R-8 for years and was very happy with it though now he does most of his recording on a PC through a Yamaha DSP Factory card which is itself becoming antique technology nowadays.
Personally I love the warm sound of analog tape and wish I still had a reel to reel myself.
But ToddL makes a very good point in that an older reel to reel tape machine may be difficult and expensive to maintain and keep serviced. For the same money you could probably put together a 24 bit digital recording system on your PC. it really is a decision you'll have to make yourself I guess.
[This message has been edited by Nigel (edited 10-19-2005).]