Our playset is about 8 years old now and it is still pretty solid.  We have a few rust spots on the deck ends and the climbing wall support pole, but that can be sanded and repainted.  The steering wheel and cargo net are now gone, but I have ordered new ones.  Everything else is in great condition.  The swings have survived, no cracking or chain problems.  
About assembly...  Definitely a two person job.  If you have an allen head for your drill or driver then assembly will fly. If not, then good luck and plan on taking your time.  The instructions are pretty straight forward and easy to read.