I've got a couple computers running off SSDs so I'm biased, but my 2 cents:
Overall reliability has been a focus of SSD development for quite some time and lifetime should be at least as good as a 7200rpm HD. Warranties and MTBF numbers for SSDs are generally quite a bit better than with HDs. I certainly wouldn't be concerned with write cycles as even under the worst and most contrived circumstances put the write cycle limit at > 10 years. (20GB written to a 160GB Intel SSD every day would wear it out in 5 years) (See link #1). I don't think anything in addition to normal backup procedures is required. I do Mozy.com daily backups with weekly local backups and have zero concerns. (I also use Subversion for version control and Live Sync to keep my computers in sync.)
As far as speed versus a regular HD, a decent SSD (Intel, SandForce or Indilinx controllers) is night and day faster. I put a 120GB OCZ Vertex SSD in a 2.5 year old Core 2 Duo 2.0GHz laptop with 3GB ram and it drastically outperformed my brand new quad core i7 2.0GHz, 500GB 7200rpm and 6GB RAM laptop until I shoved an SSD in it. Pay attention to benchmarks of random small block reads of SSDs versus spinning platters to see why SSDs will change your system. Small random reads (loading hundreds of VIs, Windows startup, file searching) 30x to 100x faster with a good SSD. (see link 4) My favorite quote on the issue was: "Someone needs to remind Sandisk that SSD vs HDD is not like Pepsi vs Coke, but more like Dr. Pepper vs Dr. Seuss"
In addition to getting one of the "good" SSD drives, you should use a modern OS (Windows 7, recent Linux, OS X 10.6, Not XP) to get TRIM support and do not use an imaged drive. You must install the OS from scratch on a clean drive so that it will recognize that it's an SSD and do the appropriate things: enable TRIM, disable unneeded caching algorithms and align the partition on 4kB boundary rather than 512B. Partition alignment is especially important as it will double performance and reduce wear versus unaligned partitions.
Cost is still a factor but Intel is releasing its 34nm flash toward the end of this year which should double storage for the same price.
There's too much information out there to put in this post, but here are a few of the most relevant links:
Anandtech has the best SSD coverage from a deep technical perspective:
1 - Updated Anandtech article on SSDs
2 - Original Anandtech article on SSDs
3 - Random read speed
4 - Boot time comparison benchmark:
5 -SSD Tweak Utility: (turns off the things that you don't need with an SSD)
Can't go wrong with any of these devices:
Intel SSD on Newegg
OCZ Vertex on Newegg
Lot's of info out there to delve into the details, but if you're willing to install a modern OS on a decent drive, it's a dream and the best performance per $ upgrade you can do.