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The B280F is quite a good engine, but it has an undeserved reputation for being less than reliable because of its predecessors that required meticulous maintenance in order to live a long life.
Earlier motors (B27 & B28) had problems with valve train oiling and poor camshaft hardening. They were also somewhat more difficult to service (the intake manifold had to come off to change a water pump, for example). That said, in other circles, such as Peugeot and Renault (and Delorean) these motors had a pretty good reputation. It is the yardstick that you compare the B280F to that has a lot to do with your opinion of the engine, and in the Volvo case that is the bulletproof B230!
By the time the B280F came around the camshaft oiling issues were resolved. The bottom end of the motor is considered excellent-- often needing nothing until the timing chain needs doing at around 250K miles. The B280F also uses a relatively modern and reliable electronic fuel injection system unlike earlier incarnations that still used mechanical injection.
On the down side, the B280F has solid valves that need periodic adjustment (unlike its 3.0l cousin that is found in the Eagle Premier). It is also somewhat prone to oil and coolant leaks after 150K miles or so. The aluminum block is prone to corrosion if the coolant isn't changed regularly, so this is cheap insurance. You will also discover that the tune-up parts are very pricey, although they are excellent quality. Try alloemvolvoparts.com for one of the most comprehensive online offerings of B280F parts around! There also aren't many performance upgrades for this engine.
That said, the B280F is a very smooth high-revving engine. Its performance in a heavy car like a Volvo is adequate, and its longevity is good if you take care of it. The undeserved bad reputation of the B280F drives prices down, making the 760GLEs and the 780s w/v6 excellent bargains! I have a 760 now and when the time comes for me to buy another Volvo, I would certainly consider one!
Good luck!
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