I've used a lot of CC-link. It is a fieldbus network proprietary to mitsubishi. You can comunicate lots of I/O or control lots of cc-link specifc components like servo amplifiers, vfd's, valves, encoders, etc.
In concept it's very close to competitors fieldbus networks but each is just different enough to be proprietary.
If you've ever hooked up a servo amplifer you know the interface or wiring can be complicated. With cc-link, all the I/O and comunication to the amp or vfd is over the same three wires.
I designed a system using cc-link that controls about 40 pneumatic solenoid valves, about 100 sensors and a VFD. The control cabinet is 50 feet from the machine. All that I/O is run to the cabinet over 3 conductors! A twisted 18/3 cable. A ton of saved wiring and cabinet space in this application.
CC-link has it's place. CC-link compatible components are made more and more available every day. Still Selection is limited compared to a filedbus network such as Allen Bradley's "Device Net" system, but you also pay a premium for Allen Bradley.
I like cc-link for applications I've tried. It's very fast and easy to set-up and operate once you go through the short learning curve. Also, once up and running it's very reliable. I've had no issues with any of the cc-link stuff I've commisioned. I'd say just as reliable as hard-wired stuff.
Hope this helped. Don't want to go on and on, so let me know if you have any more questions.
Good Luck!