I have two late 2013 iMacs, one is Flash-only (256GB Flash), the other with a 3TB Fusion Drive (128GB Flash). In day-to-day use, over the past 3+ years, there's no perceptible difference in their performance. There have have also been no reliability issues with my Fusion iMac. It just works.
In all the debates and discussions of Fusion, there have been few reports of bad experiences with Fusion setups. If anything would be a magnet for people who have had problems, those threads would be. Bottom line, though, is that you have to backup any computer - both internal and external storage - regardless of how its data is stored. I've seen plenty of people with all-SSD laptops who have needed to erase/reinstall their drives, so ditching the mechanical HDD isn't a reliability cure-all.
With Fusion, the average user (leaving out someone with fairly exotic requirements) will have a computer with at least 1TB of internal storage that performs at 80%-90% of the speed of a machine with all-Flash, at the price of a machine with 256GB of Flash. If someone says it's cheaper to buy a 256GB all-Flash Mac and a large external HDD, he ignores the difference in performance - without Fusion, everything on the external drive will operate at HDD speeds, always.
Their assumption is that data doesn't have to be fast. With the exception of watching streaming videos (and other read-once-only data), they're simply wrong. As soon as data is manipulated in any way (read/write activity), it will benefit by being in faster storage. Crunching numbers in a spreadsheet or working with databases? Editing documents or a graphics file? Real working efficiency doesn't come from having a Mac that boots up quickly, or loads an app quickly. Both of those things happen about once a day, if that. The rest of the workday, you're likely to be working with data. With Fusion, that data will be in faster Flash storage, automatically.
Around these forums there's a contingent that consistently treats Fusion with suspicion. Almost universally, they have not used it (some purchased a Fusion-equipped machine and immediately "broke" the Fusion into a dual-HD configuration). Either they simply don't believe it can work, or they're emotionally invested in their decision to do the "separate SSD for OS and apps/separate HDD (internal or external) for data 'thing'," or they believe that their needs are so special that Fusion can't possibly work for them, or they hate spinning HDDs so much that they can't embrace it. And many make statements about Fusion that prove they don't know how it really works.
Or they say, "All SSD is better." Well, of course all SSD is preferable, if cost is no object, or your storage needs will all fit neatly on, say, 256 GB (as it does in the case of my all-Flash iMac). What Fusion does beautifully is use an expensive resource (Flash storage) to accelerate the performance of a computer with large internal storage capacity, with zero management on the part of the user. No thought to, "Where should I put this?" No need to manually shuttle files from a slow HDD to fast SSD in order to run data at SSD speeds. With Fusion, the OS automatically moves data and code to and from the SSD as needed, the same way it moves data and code to and from RAM and to and from the CPU. No hocus-pocus, no voodoo.
Just as with RAM and the CPU, in Fusion the computer moves blocks of data and code to and from Flash (filesystem blocks are typically 4k), not entire files, not entire multi-file apps, and certainly not entire data libraries - it fetches the parts of a file that are actually needed. You can't estimate the amount of Flash that will be used by Fusion by looking at the size of the various folders or libraries on your HD, any more than you would try to have enough RAM to hold one of those folders.
When someone dedicates their expensive internal SSD to OS-and apps-only, a very substantial amount of that expensive storage is going to waste - few of us regularly use more than a small percentage of OS and app code. Generally, the OS-and-app-only drive will also have a fair amount of (expensive) free space that will never be used. Fusion, on the other hand, manages that expensive resource like RAM - it packs it full of stuff that is actively in use or was recently used, holding it in case it may be needed again, flushing out what hasn't been used in the longest while in favor of immediate need. So, while the 128GB of Flash that comes with 2TB and larger Fusion drives is very reassuring, if your daily work is done comfortably with 8GB of RAM, the 24GB of Flash in a 1TB Fusion drive will likely be enough, too.
As always, I've gone on way too long about this topic. My apologies. But since it's been so long since you've read my first paragraph, I'll repeat it, for emphasis:
I have two late 2013 iMacs, one is Flash-only (256GB Flash), the other with a 3TB Fusion Drive (128GB Flash). In day-to-day use, over the past 3+ years, there's no perceptible difference in their performance. There have also been no reliability issues with my Fusion iMac. It just works.