FWIW, I've never had both magnetos fail or even complete failure of one magneto in 29 years of aviation (which is not to say that it doesn't happen, 'cause it clearly does). But I have had electronic ignition systems fail, including my 80s vintage motorcycle.
Nothing wrong with flying electronic ignition if it's done properly. I've seen lots that are done right, and I have flown some of them. I've also seen a few that I wouldn't go near. For the most part, what I've seen done by the KR builders on the Corvairs and VWs appears to be well thought out and has good redundancy provided that there is sufficient battery behind it to provide enough power in case of electrical failure. As experimental aircraft builders, especially in the USA, we are allowed to build planes for the most part how we see fit. However, the certification process is there for many more reasons than to dig $$ out of your pockets to propagate the use of antiques. The FAA does not require the use of magnetos in certified aircraft. For certification purposes, it does require that if the ignition system is dependant on battery for power that there be a minimum of 30 minute reserve with part of that time under a normal electrical load. So why is it that Cessna and Piper are still using magneto fired engines? OK, Cirrus is a new company doing cutting edge work even using electronic FADEC controls and glass cockpits. So why are their engines magneto fired as well? Think about it. I'm sure their engineers have. -Jeff