Howdy
Where I own a 450 and my friend (at work) owns a 451 and we ride in each others cars, I may be able to shed some light.
The 451 rides better than the 450, the 451 only has 5 gears and shifts smoother than the 450's 6 speed transmission. Styling is a personal preference (interior) both have + and -, the 450 has a 700 cc turbo charged motor made by MB as compared to the Japanese 1,000 cc motor with out a turbo.
Reliability, well the Gen 2 (450) has been in service since 2003 and there are a lot of forums out there where info can be found, but in my research 70-100K miles is the best you can expect before a motor rebuild is needed, the Gen 3 (451) we'll have to wait and see.
The 451 is made out of 90% new parts, unproven (as of yet) but if they took what they learned from the 450 and incorporated it in to the 451 then you can expect longer life.
At this stage, I feel my 450 is cuter than the 451 (but of course you'd expect me to say that), the 1 thing though that isn't up for debate is the 450 gets better gas mileage than the 451. in July when I was paying $4.35 a gallon, I still had a smile on my face (as compared to the others filling their tank).
Here in the US, stay with the 451, the 450 is a novelty and you need nerves of steel to make the purchase because of the price and lack of support (from MB), but if you want to be a member of the 1026 club (only 1026 Smart cars converted for US use), and have some extra cash, then jump in
Well my thoughts anyways
ASM