Use it, it'll be fine IMHO.
CF does have a limited write life, but we're talking in excess of 100k cycles here. As I understand it, reading doesn't impact the card's life.
The 'miggy doesn't swap or write files particularly often. You should be fine.
CF cards also have intelligence built in to ensure that bad blocks are mapped out dynamically.
There's a lot of scare stories about using flash media for various things, notably bad for swap, etc, but I'd expect a mass of "it happened to me" posts on the web now which we just haven't seen. yet :-D
