I have had a couple of these. I like them and they have been every bit as reliable as my Beretta (read: no malfunctions, ever). Of course, I do my part and don't feed them junk. I got my latest one in '95 for $350, new. Only came with one factory 10 round. From what I hear, Taurus mags will work in Berettas but not vice versa. The cut for the mag release is a little smaller on Beretta mags. By the way, got the Pachmayr grips also and hated them. Factory rubber grips are decent.
One thing to be aware of: Taurus changed their safety system 10 or so years ago. It used to be that the safety level flipped up for safe, but this locked the hammer 1911 style. In order to drop the hammer, you had to lower it by pulling the trigger and slowly lowering the hammer with your thumb (a bit dangerous to say the least). Later they added a hammer drop. Up was lock, down was fire, all the way down was decock.
My favorite is my 92 Police Special (since discontinued, I don't know if you can still get the configuration). It does not have the safety, but does have the hammer drop.
Mags - you better find Taurus high caps. Just about everything else is garbage. Eagle is especially bad. USAs will work with a little bit of elbow grease and a decent dremel tool. Factory mags will say "made in Brazil" and have inspection holes along the back of the mag at 5, 10, and 15 (if I recall correctly).