Nice to see that I was somehow a bit responsible for some good discussion.
I actually have, and have had, quite a few pieces of 20 year old HP and TEK equipment. I currently have an 8457a DMM and quite a bit of TEK TM500 stuff. I have made some repairs, but in general the reliability is far greater than a lot of modern equipment that I have at work. I frequently end up bringing one of my instruments to work as it does a better job than some of the equipment we have to use.
In general, the most frequent failure I have seen in the equipment is tantalum caps. Never an electrolytic and rarely a semi. My most used scope is still a TEK SC504, 80 MHz analog. It has suffered 2 dead tantalum caps (PS bypass) in the years I have had it. Likewise my TEK AFG5101 has also suffered 2 tantalum cap fatalities, but otherwise no issues at all. I also have a 30+ year old TEK 547. Needs an overall cal every year or so, but it keeps going and going. It is more a show piece for me, but still very usable (for those unfamiliar, a mostly tube based with some semis, 5" 50 MHz with plug-in vertical modules. Weighs about 80 lbs).
As for ROM failures, that seems rare. I assume that they use EEPROMS, which do have some finite limits on retention life. As a safeguard, one could unplug and copy them and keep a HEX file or a fresh set of PROMS.
Nice to have lab grade equipment on a beer budget. While I could afford newer stuff, why spend the money.
Paul