Are the 2nd Gen Magnas decent run around cars from the sense of reliability and cost of ownership?
Specifically the 2.6 EFI manual versions. I've heard they are surprisingly thirsty, but they also seem cheaper than equivalent 4 cylinder cars so maybe this is offset?

Um the auto were thristy but in general I have found the second to be a good reliable car. They can get expensive if they have a rattle timing chain and it destroy stuff on the block :) If you find a good clean example with lowish kms. Go for it, only had a few dramas with mine but I love it to bits and slowly just keeping ontop of repairs as it an ageing high kms car.

If you want a bit of power with decent fuel consumption and overall pretty good reliability, get a v6 2nd gen, can pick them up pretty cheap and they go forever if you
Look after them

For the price you can get a 3rd gen these days in 3L and 3.5 they would have to be one of the best value cars out

The older a car is, the cheaper it is to buy but the more it costs you in keeping it healthy.
I've owned 2 TSs, a 2.6L manual and V6 auto. The V6 is probably more reliable and more rewarding to drive, but with any 15+ year old car you are looking at ongoing costs as far as repairs to driveshafts, alternator, starter and other engine components, brakes etc etc. OK if you DIY and have plenty of spare time I guess.
I now have 2 third gens and they are much more reliable, probably because they are younger and have less km on them.

I have had to KR Verada's, they have been the best cars, very reliable, very quiet and smooth V6 motors, the second gen motors are much quieter and smoother then the 3rd gen V6, but the 3rd gen V6 has more power. Age and k's don't have a lot to do with how reliable a car is, if you buy one with high k's make sure the owner has proof of parts replaced, a car thats done 200,000 k's maybe more reliable then one thats done 150,000 as the higher kay car may already had many things replaced and maybe fine for another 100,000 or so k's, but check the maintenance history.

I'd say the old cars like this are too much trouble now unless you get one of the really well kept ones. I'd either go really oldschool - no electronics/complex systems/etc, or newer.

Theres nothing wrong with second gens. Designed for tough australian conditions, it was a huge step up from the previous models. These cars can survive anything. Mine got airbourne and i bent the radiator and the steel bumper. Treat them good, or really bad. They just seem to keep going (only minor repairs needed, mostly). The worst thing about an old magna would be its oil consumption, which just means it needs checking regularly.

I have a mate who really shouldnt own a car. He is in his late 40s. Hes very rough, and its unbelievable what state his car is in. I'm talking tyres down to the metal, bumps and dints everywhere, cracked windows. And obviously, badly worn CV's. I'm very surprised he gets away with it knowing how bad the police are in vic. That car did end up in the scrap yard, but it lasted years.

Biggest points for maintenance? CV's, muffler, oil. Maybe suspension.

Also the auto's could be better. But they were only very bad in the elites. The ECU had a fault causing it to lock in third gear. Its easily fixed with an ECU from the wreckers, but these can sometimes be hard to come by. It was only ever a problem in the elite models.