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The real benefit of the VRO system is the V - variable. When you pre-mix, you're always at 50:1 (or whatever you mix to) but the VRO pump adjusts the ratio to engine speed, and I've found that this can save significant oil. We used to pre-mix years ago, then got an early VRO motor, never had an issue since with any of our VRO engines, and not having to pre-mix has been great. As far as reliability of the system, give this ARTICLE a read, especially the first part on different VRO misconceptions. Now as far as your specific system, there are a few questions:
Did the previous owner replace the VRO pump with just a fuel pump or did he cap the VRO line and leave the pump? If the VRO is gone, a new one will be about $250 or so. If the old one is there, you can have it bench tested to check if it's working.
A new VRO pump is going to run you just under $500 installed. I just had mine done this past May. However, If you do not have the oil tank, hose, and alarm system you are probably looking at another $200 - $250 to get the whole thing installed, tested, and working.
Reliability is NOT a valid concern when it come to this system. It is a very simple system and so long as you make sure all of your connections are well made it will never let you down.
So to get a working system back on your boat you are looking at a good chunk of change. If things are working fine the way they are and you are happy mixing the fuel you could always proceed with things as usual. Also, I do not believe the 185 was ever equip with a VRO from the factory.
i just recently bought a 89 supersport with a 60 johnson 89 model vro, been reading all the negs about the system, but have been running mine so far with no issues, my thought is if it ain't broke don't mess with it, and i am a retired aircraft mech usn, so i try to keep my equipment in good shape, i don't even know when the last time the vro system was checked, but its working, i used to premix years back and it is a hassle, guess i will have the pump checked out this winter though, didn't think anything about the system when i bought it, but after reading all these post you guys are making me paranoid i think its a good system and know that it uses much less oil than premixing, hell mine is probably the original vro pump for all i know, guess i should ask the previous owner...........