Well anything can fail, my old electrical system had a few failures. But, that's why I went for the battery backup option (thinking of dual EI in the future). The Indicator panel (annunciator) shows where a fault might be or the circuit tripped. A very compact system, which you can add components later. It has been problem free so far and has worked but perfect for my flight profile of day/night VFR. Hard IFR is another matter.
Mike