I have no experience with the lifereef, but I'm very happy with both of my CPRs. Had them for almost a year now, no problems or hickups. Been through several power outtages, the cycles starts up just fine every time.
i've heard from many people on this board that lifereef overflows are better than cpr's, and it's possible that they are. i have a cpr and i had some problems with it until i upgraded to a larger powerhead to hook up to it to suck out the bubbles that form in the middle. i've had no problems with it since. however, i've read peoples comments that lifereef overflows don't experience that problem like cpr's do.
I too have no experience with Lifereef, but I have absolutely no complaints with my CPR continuous siphon overflow. No problems whatsoever in almost a year. Been through power outages, and shut everything down when I do water changes. It always starts back up no problem.