I picked up a Sig P226R .22 Classic on the EE, supposedly used with 200 rounds through it. It was new in the box, I could see no sign of it ever being fired. The good news: 1" group at 10 meters, which is as good as I shoot with 8" target guns. It's better than me.
Reliability: not one problem, using Federal Bulk Pack ($20 for 525) or CCI ammo. I really like mine. Slide doesn't lock open but I bought a 226 mag that does lock the slide open, so now I'm scheming to convert a "real" SIG mag to a .22. 10 rounds, of course -- double stacked, that would be about 25 or 30 at full capacity. I'm not sure why SIG sells the P.O.S. plastic mags that don't hold the slide open, but that said, mine feeds great, and there are mag followers that will hold the slide open (jam it vs. tripping the pistol's slide lock) if you just can't wait for the do-it-yourself instructions in January.
My buddy bought a 226 .22 Classic new from Proline in Calgary and I watched as it jammed and jammed and jammed. I cleaned it up for him a bit and it jammed less, but clearly you get varied results. He was also shooting some crappy ammo.
HeavenIsAlie has done a GREAT writeup on the SIG .22 here on this forum, and you're right, it's wierd but you can buy the .22, then the 9mm Caliber X-Change kit (click on Wolverine's banner and look around a bit, just over $500 from them) and have the same gun for $350 or $400 less than buying the 9mm SIG P226 and getting the .22 kit.
I popped off a mag with a friend's 226 elite the other day and shot the same 10 rounds, 1" group at 10 meters. I was shocked. If you do your part, the gun will do just fine.
I'm a new SIG fanboy, though Walther is still my very, very favorite. Buy as good a gun as you can afford and then work hard at being happy with it. Or work hard and make enough money to be perpetually dissatisfied and keep selling them cheap on the EE to us!