It used to be an engine technology, but at some point the Ford PR people thought they'd nick it for a trim level. I think the zetec engine was the predecessor of the duratec engines.
We've got a mk 2, 1.6 ghia. It's pretty comfy for long distances and does decent economy. Ours doesn't have the slightly stiffer suspension that came in other ones like the titanium, and although it handles well I'd always take more grip if it was available.
Touch wood all my Ford's have been very reliable too, nothing has broken that's not been excusable by age.