There are complaints in the Amazon forum about ELB's reliability. I suggest you head over there and search on ELB to form your own opinion on that front.
We wanted to use ELB to load balance web service requests, but we have many external callers, some of which send a 100-Continue HTTP message. Unfortunately ELB does not understand that part of the HTTP protocol, so we're unable to go beyond proof-of-concept until that's addressed.
2013 Update
According to an AWS forum post, HTTP 100-Continue is now supported.
https://forums.aws.amazon.com/message.jspa?messageID=144022