I have the same dot matrix printer since 1987. The ink bands cost like 4 bucks and are still made. It needed to have it's print head replaced once in the late 80s. (apparently the original one was kind of a fluke) Since then, everything worked fine. That should tell everything about reliability. I did scrounge a few new print heads from eBay just in case over the years though. it's connected via parallel port which isn't even that big of a problem on new computers. (it was for a while) Nowadays you can get USB to parallel cables for that. to print something in linux, you don't need CUPS or anything like that. It's a device in /dev, you can literally send text to it like to a file, and you can send command sequences to it too. It has it's own inbuilt fonts.You can also set up CUPS and print graphics with it. I haven't used that function often, the resolution is not really all that nice.
If you want to feed it with endless paper the paper is kinda expensive for what it is. It can also deal with normal, non-endless paper though. It's enough to write the occasional letter I do have to write. Contrary to the produce of normal inkjets, the printouts are store-able and last pretty much forever without fading.
If you want to use endless paper and want a printer which literally lasts forever, they are nice. They're only really good for text, though.