Just a thought about this "limited write cycle" stuff on CF cards, or indeed any flash memory.
I have been "reliably" informed that the majority of cards are sensible in their dealing with bad blocks, and dynamically map bad blocks/exhausted blocks out of the available space, and use another sector.
I haven't tested this :-) , but a quick google suggests there's plenty of technologies punting this sort of behaviour.
Personally, I'd use a microdrive for this sort of thing. The 2.2gb microdrive lookalike from Magicstor is always cheap.