2,291 satisfied miles on my p1k5. There are few things I'd like to see done differently but I'm sure I'd be that way with any machine. So far it's been very dependable. If it had a centrifugal clutch or a torque converter, it'd be borderline perfect. I plan on keeping it a very long time.
+10 on having a Tq converter, but other than that, for what and how we use our P1k5 it's essentially perfect. Heat has not been an issue other than the first out'a the box ride (BEAT UP 105°f sand wash at 10 mph for 15 miles...), since then We've been VERY happy with the rig. Lower low range and a reverse tied to LR/HR would be nice. Transmission whine sounds like a functionally fine transmission. Differential gear whine sounds like a cheap set of straight cut gears and VERY annoying...like an old POS pickup truck.
The front diff gear rattle running in 4WD at high speed sounds like something is gonna break. I put in Lucas 80w/140 and it's a bit better but it either has a bad bearing or the diff locking mechanism is having spasms, either way, I try not to abuse it.
Would I purchase again...absolutely. For the money we spent I'm satisfied.
Oh...650 miles total so far as of today
I also had to mention the front alignment issue, What a frigg'n joke to be out 1.5" toe out on one side. Adjusted to 1/2 toe in and it rides AMAZING. Use'ta feel squirrely but now its stable as a rock.