I've had this phone for a little over two years now, and overall, it has been pretty darn dependable. The slim design is great for pockets and tiny purses; the flip-open display allows for a large screen and a generous keypad that doesn't feel cramped.
The "wow factor" of the RAZR has faded since it first came out, but I still find it a rather appealing phone given its relative boxiness.
The included camera is nice, but the quality isn't anything wonderful-- I've probably only used this feature 3-5 times total. The phone comes with a decent set of features, but the only one I ever really get any use out of is the speaker phone.
Battery life is good considering the slimness of the phone, but if you're planning on getting a lot of use out of this phone, plan on charging it equally as much.
Reception is great-- only 4 dropped calls since I've had the phone (but of course, this also depends on which carrier you have).
In regards to durability, I've dropped this phone MANY times (mostly in parking lots) and all I have to show for it are some knicks around the edges-- no cracks to the actual body or screen. Furthermore, I've never experienced any system problems as a result from the drops.
Bottom line: since the prices on this phone have drastically dropped, consider it if you want a good overall phone without tons of fancy features, but still appreciable in terms of size.