Everything I've had works. The only thing that ever died on me was a 32x, though a lot of people had that problem (died within a month, bought another as they were only like 15 or 20 bucks at kb's). I had super mario rpg lose my save right before smithy (brought it back out a few years ago and was playing it again), but that's the only time anything has ever gone wrong. It still saves, so the battery isn't completely dead, but I wouldn't trust it.
Though I just bought a first gen cd (I think it is anyway) at a used cd shop, it was enya's debut album. It was kinda funny, on the back cover of the booklet it had an entire paragraph on what a cd is and how to use it.