The (2) plate variety requires that all connections are done very well (you don't want leaky BNC connections or loose wire terminals). However, if installed correctly they are cheap and accurate.
The tube within a tube variety work in the same manner (capacitance is measured between the walls of the inner tube and outer tube), except they must be bent to fit in the tank. In my opinion, the level of install work seemed to be a bit higher using the 2 plates, since you can buy the tubes pre-bent. However, the tubes don't seem to cover as wide a range from full to empty, so I would have to believe they aren't much more accurate that a float across the spectrum of readings.
If installed correctly, I believe any system can be very reliable. It's just a matter of how you wish to measure: If you don't care "how full is full" and are only worried about "how close to empty," then floats are probably sufficient.