I have a "modified" junk rig -- technically a Gallant rig aerofoil design -- but basically a junk. Pix at SV Aphrodite -- the Beginnings
I have reefed in 30-40 kts and find that heading into the wind is just as helpful as on a Bermuda rig. The rig "almost" reefs itself since the sails are quite heavy, but the airfoil design allows wind into the sails and that means I have to go forward to pull the battens down. But just releasing the halyard on a sail gives me about a 30 percent reduction in sail area. Then I have to secure the reefs. That's not difficult, even in 30 to 40 kts. The main reef point is somewhat abaft the mast and is easy to tie in. Then there is a single line at the very front of the sail that locks in a camcleat and a reef point at the tail end of the sail.
But the main job on my rig is pulling the sails out from between the battens to prevent chafe. Tying in the reef points is easy. Over all I consider it easier to reef the two sails on my 46 ft schooner than it was reefing the main and roller furling jib on my Newport 33.
As others have remarked, windward performance is not spectacular with a junk rig (and mine is no exception), and I have found it necessary in rough conditions to use the engine when coming about to avoid being caught in stays. Frankly, I don't want to jibe in 30 to 40 kt winds when I'm the only one handling the sails. Just too hard to coordinate, but I'd do it with a crew person to handle the second sheet. Don't know that I'd want to do it above 40 kts though! I should mention that with 30 kts of wind I have one to two reefs in.
In calm seas and 20 kts (typical trade wind conditions for me in Hawaii), I can make 5 kts to windward at 45 deg apparent wind. Trying to point higher than that drops the speed dramatically. And I need at least 4.5 kts to come about reliably.