I've owned, used, and sadly smashed a lot of Westons over the years (that damn cover glass...). I find they're generally pretty reliable and accurate things, but they're rarely useful at anything below 0.4 on the Weston scale (equal to 1/30 and f/2 at 400 ISO), which is normally the limits of handheld use for me anyway.
I've heard of people bringing supposedly "dead" Westons back to life simply by removing oxidation on internal contacts, and having probed around inside them a few times for different reasons, I can imagine this is probably the cause of a lot of dead meters; the selenium cell doesn't put out a huge amount of current, so any additional resistance in the circuit will play havoc to the final readout. You can also get failures due to mechanical issues, too; because the needle is super-light (it has to be, in order to be moveable by an electromagnet while using barely any "juice"), it doesn't take a lot to block it or restrict its movement.
Basically, keep them clean, keep them dry, and make sure that cover glass doesn't crack or come unstuck, and you should be good.