I can tell you from painful experience that Jet 3/3.5 was not reliable. I saw it crash frequently under light load and when there were crashes you risked data corruption. It used to be extremely sensitive to any power problems, any client crashing against it (even the UI linked to the mdb), and any LAN problems. More recent versions of Jet might be better but switching to Sql Server is clearly the way to go in my opinion for anything other than trivial data entry with a small number of users. Sql Express is free and you don't really lose anything, especially if you're UI is in .Net, rather than Access.
EDIT: Microsoft doesn't think you should rely on Jet 4 either.
from: http://support.microsoft.com/kb/303528
Microsoft Jet is not intended for use with high-stress server applications, high-concurrency server applications, or 24 hours a day, seven days a week server applications. This includes server applications, such as Web applications, commerce applications, transactional applications, and messaging server applications. For these types of applications, the best solution is to switch to a true client/server-based database system, such as Microsoft Data Engine (MSDE) or Microsoft SQL Server. When you use Microsoft Jet in high-stress applications such as Microsoft Internet Information Server (IIS), you may experience any one of the following problems:
Database corruption
Stability issues, such as IIS crashing or locking up
Sudden failure or persistent failure of the driver to connect to a valid database that requires re-starting the IIS service