I've had my Porsche 911 GT3RS + CSP since May '09 and the wheel hasn't had a single problem.
The pedals for which there's a new version now did require a lot of tinkering to get them just right. They have quite a few tweaking options but that fact comes with the downside that they can be very fussy so if you really don't like to use wrenches and allen keys you should look for something that requires less maintenance. Sometimes I get a little bit of input without pressing the pedal or vice versa: not being able to get 100% throttle. Usually that's after you have tinkered with them but it means you have to take them apart again to fix it, which by now I'm extremely quick at doing. Now that after a few years I know exactly how I like them, I don't have to change anything anymore and I don't have problems with them anymore either. One worry I do have is that there used to be a rubber washer on the top end of the rod that's attached to the gas pedal. It stops it from going "CLUNK" when you put the pedal to the metal, literally. But because it's a little squishy, once you press it a bit harder, your game/Windows recognizes that there is more throw so then that new max pressure becomes 100% throttle. Net result: you have to always press on the gas a little more and you can't relax your foot/leg. Me having developed knee pain (mostly from lifting my leg though when letting go of the pedal quickly) I've replaced the rubber washer with a tiny piece of the soft (felt) side of velcro. This prevents the CLUNK sound but it doesn't compress much, which solved the problem. However, one day that piece of felt is going to fall apart or get lost in tinkering, so I should probably contact Fantatec for a proper solution. The sensor beside the gas pedal is cushioned in rubber mounts which means it needs semi-regular bolting down to fix a minor problem with the input. If my gas is a few % on without pressing the pedal I know it's probably that, or there is some dirt between the base of the pedal and what it's mounted on. Before I go racing I usually check the control panel in Windows to see if the pedals are functioning perfectly.
The point I am trying to make is if you are not prepared to do that kind of thing... the CSP may not be for you. The Wheel is well above average but not brilliant. The leather feels great, the FFB is good, but the buttons on it feel plasticky and loose. The clamp is reasonable, the wheel is quite noisy when you turn it, especially when you actively turn against the FFB.
I do recommend both the wheel and the pedals but only if you want something more fancy than the logitech toys, it is in the right price range for you (e.g. you don't want to spend THAT much more for the next step up) and you don't mind a bit of pedal tinkering.
As far as wear goes, I may be lucky but the setup is more durable than the mass produced stuff for sure. It's already lasted me longer and for many more racing hours than any of my logitech / thrustmaster setups did.
