The reception is fine - I get 5 major stations without even plugging an ariel into my troughline 3.
Perhaps it doesnt pull in as well as the best of them, but I dont think you'd have a problem with a roof ariel unless you live miles from a transmitter.
You need to replace the stereo decoder to get top quality sound. This costs £80-£400 depending where you go and what you get.
With a modern stereo decoder a Troughline will take on the best in terms of sound quality. It's a valve sound - with warmth and body - which many prefer to many of the very transistor sounding alternatives.
In short then, Troughlines are amazingly good when fettled, but you can't just buy an old one with the old decoder, have no ariel and expect miracles.
Even when you add in the cost of a modern stereo decoder they are cheaper than most people pay for even a cheap cd player or turntable.