I personally use computer based software on a regular basis, and get along with it quite well!
As for software lag and failure - if you are using a half-decent computer, then this really wont occur. my computer can hack running lighting software and teccan at the same time, so i dont see how a computer dedicated to lighting only can have any more chance of crashing than any strand, etc or any other desk!
Using multiple monitors is a good idea, though - laptops usually have a spare VGA port on them, and it doesnt hurt to get a spare LCD going for a channel display - it gets slightly un-nerving when all you can see is a cue list in front of you!
the only real quabble i have with using software rather than a desk is that there are no faders to resort to in times of err... trouble - you can get hold of USB sliders for about 400 Squid if you really want to push the boat out, though, havent bothered personally though.
I've seen shows run using software really well, and also really badly - if youre going to purchase the kit, then make sure you've got several hours to play with it before running a show! its quite a bit different from any conventional desk, and Movers / Scrollers can sometimes prove a challenge!
I know a lot of lighting techies whinge and moan about people using software rather than a desk, but when the day arrives that you can play Solitare on a Strand 530 as well as Run a show, then ill start to listen