The effective harnessing of control, communication and computer technologies in the operation of the power system - the key notion behind the Smart Grid concept - can markedly impact the system reliability. The appropriate utilization of intelligent line switching, demand response resources (DRRs), FACTS devices and PMUs is key in the smart grid deployment to bring about improvements in the reliability of the power system. While the Smart Grid can support the provision of differentiated levels of reliability to different customers, the maintenance of system integrity requires that a certain minimum level of reliability be kept throughout the system. We view the provision to meet this reliability requirement as a public good. In this paper, we consider the long-term impacts of DRRs - a successful application of the smart grid - and evaluate their impacts on system reliability. We use a simulation engine to study these impacts under different scenarios. We demonstrate the tangible reliability benefits of DRR applications in terms of reduced number of loss of load events as a result of voluntary load curtailments.