i have helped friends build 3rd gens and 2nd gens (with 13b-rew motors) to the level of 500whp, on single turbo. They put about 10k miles a year on the car, and about 150 miles a year at the drag strip. Other than oil changes, and putting gas in it...NO problems.
You have to tune it correctly. A well built rotary (full build inside-out) will give you a motor that needs to be torn down and rebuilt about every 80k miles. Its still running, and running well when it needs to be rebuilt...but not as good as when it was fresh. So a nice rebuild will bring the power (and pleasure) back. The seals inside and the housings get carbon build up over time, eventualy it will cause problems and the car WONT run, but I have seen some stock twin rx7s go over 120k miles between rebuilds.
The stock FD does have a few cooling issues but nothing major (all fixed in later years) but we stoped getting the car in the US before that. If you get a stock FD you will (should) do a few mods to it to make it daily driver reliable, if you do the work yourself your looking at maby 2k in parts if you get good stuff, even less if you get regular parts.
You can push 380ish HP on stock twins run non-sequential...and it will feel really good.
The RX7 is a great drift/track car, while it doesnt have the off the line tq, the turbo-rotary is a pretty tq motor....the nature of the rotary power band gives it a nice flat tq curve. You have good power in the midrange and upper range of the RPM.
When drifitng of running WOT on the track at HIGH rpm, there are only 3 moving parts to the motor, its very easy for the motor to sping those high rpms all day, with few problems.
The reason so many people blow the rx7's up is because of bad tuning or stupid modding. Lots of owners get the car, put turbo intakes on, IC, downpipe, cat del, cat back, ect ect....basic bolts ons, the kind of stuff the evo loves....the problem is its a MAP sensor car, and the bolt ons and the car cant/wont tune the fuel and air accordingly, you get knock and blow the motor.
The rotary will fail if its overheated.....like any motor, keep in mind with the rotary 1 side of the engine is ALWAYS under fire....there is no cooling stoke.
The only real downside to the rotary is that it will fail quickly if its knocking/pinging...so will a piston engine, but you might get some knock and get off the gas and its 'ok'...with the rotary it wont last long with knock....but thats something that can be fixed with a good tune.