The reliability won't match a Lexus, typically, but...our R design is 3 years old and has had zero issues.
Keep in mind that most if not all 2011's still have the 5 year/75K mile "safe and sound" warranty that transfers to the new owner, so a 3 year old model still has about 2 years of bumper to bumper coverage (including wear items) as well as service. A lexus is out of bumper to bumper coverage at 4 years. (powertrain is six, I think).
Lexus requires a lot of service to maintain warranty specs, and they charge well for it. So, figure two 7500 mile service visits covered on the Volvo that won't be on a similar age Lexus. That's maybe $500 there, more depending on the mileage. Certain higher mile fluid changes could double that.
Volvo Safe and Sound's coverage of wear items like brakes means that you may save a $800 brake service charge, as well.
My parents had a RX350, and it was a total pig on the road. Frighteningly sloppy on the highway in traffic. Not sure how the newer models are in comparison, but it's probably not fun to drive. They retain value well which means you pay more for a similar age/mileage vehicle.
I'm no power freak but the 3.2 is just adequate. It won't pass well and you won't get a thrill driving it. These are fairly heavy vehicles, so it will labor some. The T6 is an excellent smooth inline engine with plenty of power (300hp/325 lb ft torque in regular T6 form). Of course they are rarer and cost more.
Slap an IPD antisway bar on it ($300ish) and you'd have a BMW X3 competitor with a T6.
Look for a complete service history at Volvo to make sure it's had everything done on schedule. If you can't get that don't buy it. Compare prices at various sources like autotrader and ebay to figure out what they're selling for. Used prices are depressed this time of year somewhat but that means if you have a trade in it is also.
There are a few recall/computer flash things we've had done at service visits but that shouldn't be a problem. Look for a garaged car. Check out the paint in good light, not in the evening when they all look great. Do a car fax report and try to find a southern vehicle where salt wasn't used. They do bring them up to dealers in the north from the south for this reason.
2011 had early and late production, where the latter ones had the Sensus screen. I have the older version and wish I'd gone with that instead. Not a big deal, but it looks out of date. But if comparing them pay less for the older system. Also, the base stereo is mediocre and they are not easy to upgrade (so rare) aftermarket, so an example with the upgraded stereo/tech stuff might be worth looking for.
We were going to change to a performance sedan (5 series, Chevy SS, etc) at the 3 year mark but the XC60 R design with a few simple mods is so good a handler and so close to being sedan-like with SUV utility that we've decided to wait. Too good a car to trade in.
Rear wheel spacers and a sway bar really make it handle like the S60 T5.