My wife and I shoot pro and work the dickens out of our cards. The only real problems we had occurred early on when we were erasing rather than reformatting- a data issue rather than a mechanical malfunction. All fixed with reformatting, thankfully.
We have recently retired a bunch of older 1gb cards, not because they were failing but because they were so slow that they impinged on our productivity compared to newer cards.
We did learn something recently worth passing along. My wife inadvertently reformatted a card before downloading, but was able to recover the images by sending it off to LC Technology Interntional.
Subsequent to that we bought a couple of new SanDisk Extreme firewire card readers which came bundled with RescuePRO Deluxe disc recovery software, coincidentally produced by LC Technology. On installing that and exploring, we discovered a notice that has changed our reformatting methods.
They reported that some cameras reformat discs by completely wiping out the data rather than by simply making them unrecognizable, and that data could not be recovered from discs reformatted in that fashion. They recommended that in such cases discs should be reformatted in your computer rather than your camera as a matter of course. We did some testing and learned that our various D2X versions did in fact completely clean the discs, leaving nothing behind.
We realized that we were lucky that our disc had been reformatted on an older Fuji S2 rather than a D2X, and have subsequently stopped all reformatting on our D2X's as a safety recaution against future mishaps.
A diversion from your original question, but worthwhile passing along, I thought.
BTW- I'm taking LC Tech's word that the chips are actually wiped, rather than a case of limitations on their software. In either case, the effect is exactly the same, as the free software gives us file recovery capabilities at home. It was $150 to have the files recovered by them, a reasonable solution in that case with a high dollar shoot on the line, but not a solution I'd care to repeat as a matter of course.