These characteristics are present in most, if not all, forms of flash memory. However, the number of write cycles in current devices tends to be quite high, on the order of several hundred thousand. This is also on a per-block basis. Also, CF cards automatically map out bad blocks, so in most cases, this is unnoticed in practical use and cards can have a long life, even with the typical use in a digital camera. This would also explain why a card that has been used extremely much would lose some of its' capacity.
With the Amiga, I wouldn't be so worried about wearing out a CF card, however. On Linux, the default settings record an access time for each file, but this can be disabled, so that the drive is only written to when there is an actual write. I wouldn't recommend using flash for a swap partition though =P