Well, if you consider firing thousands of rounds through an AR-15 until the gas tube melts, and working again when it is replaced unreliable, then yes.
All jokes aside, the ar-15 is a very reliable platform. The early reliability problems in vietnam were due to using the wrong type of powder, lack of cleaning kits issued, lack of training and no chrome lining. Today, all of these problems have been fixed. I have never experienced a malfunction with my rifle and have used in in some shitty weather conditions. The rifle when properly maintained is just as reliable as any other rifle. Keep it clean and use decent ammo and you will experience no problems. {edit} As stated above make sure you get good magazines, USGI are excellent and i also recommend the british steel SA-80 magazines-what i personally use. Go to the magazine section of this board and read the sticky about magazine ratings for more information. Good luck!
-Brian