To receive a fax with the Obi200, you will need a physical fax machine connected. To send a fax, you don't need an Obi200 or a fax machine, you just need your computer, a scanner and fax modem. But let's just focus the response.
You can use Google Voice with the Obi200 to receive and send faxes quite reliably with a fax machine connected. From my testing, if a landline is 99.99% reliable for faxing, the Obi200 is 97% when configured at 14000 bps and likely higher at 9600 bps. If using the Obi200 with a premium VoIP service like CallCentric, the reliability for faxing is closer to 99%.