Yes, the G-wagen's styling is love it or hate it. Along with the boxy shape is a deep history, second to only the Wrangler. It may be ugly...but 10 years from now, everyone will still recognize the G-wagen. And notice that the current trend is a boxy shape for the traditional off-roaders (Land Rover LR3, for example).
Also remember that the G-wagen is a military vehicle foremost. If you read up on it, then you would understand the idea behind the shape. It is slap-sided because this allows for easy panel replacement by countries that use the G-wagen for military. You can also see the corner easily when maneuvering. It is narrow for roads in 3rd world countries.
Form follows function...just look at Hummer H1 or the Jeep Willys.
As for reliability, yeah, i am scared too of Mercedes electronics. However, beyond this, the G-wagen's powertrain and running gears are extremely durable. It's axles, bearings, suspension components are no weaker than a 1-ton truck. It's frame is strongest in the business (a boxed frame with six tubular crossmember welded thru-and-thru the frame). It's trailing rods and steering rod are made of forged steel.
Current data from '03 and '04 G-wagen owners suggests that MB cleaned up the electronics with far less bugs. I have over 7500 miles on mine with not a single issue.
So, giving that the electronics stay good (knock on wood), the G-wagen would last for a long time, even with off-roading. I am planning on keeping it for a long time. G-wagens will last easily past 200K miles...this is the norm among G-wagens across the world. Trust me, i did a fairly extensive research on them before plucking down $$.
As for price, you have to remember that it is truly handbuilt, just like Hummer H1. It's a military vehicle. As stated above, it's frame and suspension are second to none in the world. It's designed to work for at least 12 years regardless of environment or useage (military requirement; just like H1). The interior is top-notch in terms of materials (soft touch everywhere, a lot of leather everywhere). The only major negative is the crappy COMMAND system.
And don't forget, before 2002, many people were paying $135,000 to get one. So, at around $75,000, it's a relative bargain!

And compared to the H1, the G-wagen is an absolute bargain!
It is overpriced if you look at the on-road abilities (smooth, Lexus-like ride, tomb-like quietness, sporty handling)...just like not many people undestand the Hummer H1. But, taken as a whole, i don't think so.
My opinion.