Upon initial (used) purchase, the following faults were found:
Non working rear lights (all). The fuse box was replaced at no cost to me.
The blower selector would not switch to de-fog (I disassembled the duct work and removed a pen with the dealer's name on it).
The (apparently after-market) cruise control does not actually hold speed. Never corrected.
Around 80,000 miles, an accessory belt pulley was replaced ($90).
Both front calipers seized up around 90,000 and 110,000 miles ($150 each).
At 90,000 miles, I had the long worn shocks replaced, at which point torn out shock mounts and a worn out idler arm were found. Shocks and mount were $300 (I would consider the shocks a wear item, and doubt the mounts were a big part of the price). The idler arm came to about $120.
The car had started to consume oil more or less from the day I purchased it. Some research showed the valve guides and seals in that engine are prone to be a problem. Around 120,000 miles, I had the required work done for $1500.
At 155,000 miles the water pump failed ($500).
Overall, I've been very satisfied with this vehicle.
It should be noted that all the above prices involved independent mechanics. After a rather steep $1000 60k service from a dealer, I decided not to return, despite no complaints about the actual service.
Despite suffering from high ground clearance and a narrow track, it handles very predictably. Off road or in deep snow, this vehicle really comes into its element, and has only given me trouble in about 3 feet of snow (it did eventually make it out under its own power).
Towing with this car is a dream. Only braking at high speeds reminds you that there really is a trailer back there.
Reliability has been outstanding, with the only complaint being that I needed a jump once in the 120,000 miles that I've driven it.
In addition to the above mentioned failures, come all the normal wear items, but if anything, this car is quite frugal with brakes, tires and the like.
While batteries have lasted as long as I would expect them to, they seem to fail completely and without warning. I've had two batteries fail in the same manner. This time I'm keeping in mind how old the current one is getting, and will try to avoid needing a jump.
As with any car of this shape, rocks seem to hit the windshield pretty hard, and this car will be on its third, once the currently cracked one is replaced.
Regrettably Mitsubishi seems to have blown it with the 2001 re-design. I'd even put up with the ugly design, if only they hadn't scared Consumer Reports so badly. How could they make it that much wider and more likely to tip over? If it were not for the re-design, I would not have spent much time considering any other vehicles as a replacement for this one.