Just to assure those who are really worried about this solution: Nowadays you can buy things like "industrial CF". Those cards are 20x more resistant to write faliures compared to ordinary CF cards. Yes, that means they are specified to withstand 2 million write cycles! Using Jope's formula above, You would get some 500 years... I doubt your Amiga will last that long
/Eriond
PS. Just google on "industrial compact flash" and You will get plenty of results!