I love the Voodoo Mods on my Rectoverb. I bought a new Series 2 in 2006 and had it modified at Voodoo soon thereafter because my guitar was getting lost in our stage mix. I had the standard mod and new tranny installed.
The Voodoo mod changes the distortion characteristics--less buzzy, with more ability to cut through the mix on-stage. There also seems to be more headroom on the clean channel.
There have been no reliability issues in three years--none--and I've experienced normal tube life. This is my stage amp and sees a lot of use at both gigs and rehearsals. It has stood up to life on the road as well as any amp I've owned, and it sounds good through a variety of cabinets. I normally use a Recto 2x12 cab, but also use one or two Marshall 1960s when called for.
It's expensive, but worth it if you like the Voodoo sound. Be sure to check out the sound clips on the Voodoo website before deciding! Good luck!