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It's reliable if you use the right ammo. I would avoid any .22 below 1000 FPS and stay with 36-40 gr range of ammo. My G44 is more reliable than my s&w victory and my Ruger 22/45 lite. You will probably have a couple of jams in the first 300 rounds but when you broke in (300-500 rd) then no jam whatsoever. That being said, I think Taurus TX-22 is a much better gun. More capacity and still cheaper...also aluminum slide instead of polymer slide like G44 I hope this helps!
Scott, I also have a older Walther p22 and if im not using high velocity ammo it's very picky. Now when using high velocity ammo it's 100% reliable. Unfortunately you just have to buy a few boxes to find what it likes and then stock up. Most semi automatic 22lr pistols are notorious for being picky. I've heard good things about the Glock 44 when it comes to reliability. So I'd recommend the Glock 44, another great 22lr Wich I've heard nothing but good things about is the Ruger SR22, and the Taurus tx22. The Walther p22 is a great pistol with the right ammo but as far as reliability I'd go with the Ruger sr22, Glock 44 or the Taurus tx22. Any of those would be great. Hope this helps and good luck with your choice.
Scott, the older Walther P22's were knows to have slightly weak Hammer Springs. Newer models has a stronger Hammer Spring and a new Hammer Spring would breath new reliability into your P22. The G44 is an excellent 22LR option that is reliable and functions with a wide variety of 22LR ammunition. I have a Taurus TX22 that has been wonderful as well : https://www.budsgunshop.com/search.php/q/taurus+tx22