Update on mine:
Installed the Badlands 12k in April 2011. Most times, I use my winch once every other event (so, 8 or so times a year). Thus far, other than a controller connection issue at GSMTR 2011, it's worked flawlessly.
I needed it this past week while at the RoundUp in TX...I had not touched the winch since I used it in Hot Springs AR in October 2012. It worked perfectly, and drug my FZJ80 towards a wedged Jeep TJ...haha We finally used a hi-lift to jack the front end up (busted axle) and winched 'er free.
The chrome finish on the lever isn't pretty anymore (rust) but everything else is in fine condition. Despite TWO Wisconsin salt-encrusted winters...
I still have the original finicky controller. The In and Out button now sticks (ie: stays toggled) so it needs to come apart for some cleaning. Considering the lack of maintenance thus far, I'm not complaining.