Sorry to burst your bubble, but the 777 has always had and still has the highest reliability rate, which is currently at 99 percent. As for your argument that a quad engine design is "better" than a twin like the 777, how about this: the A330 (twin-engined) has always held a higher reliability rate than the A340. And of course, the 777 has an even higher rate. So, thus, your argument is invalid.
I'm sorry, but thus, you cannot conclude that the A340 is the "best long range aircraft choice." Both the A340 and Boeing 777 are great aircraft, each with its own advantages and disadvantages, and I enjoy flying on both. However, I feel that I must defend the 777 on this forum, where a few select people seem to enjoy bashing the 777 with subjective opinions and false arguments.