A quality power supply will last forever unless damaged by a
lightning strike and it is properly sized to handle the
load. All power supplies have a duty-cycle rating, the
number of Watts (amps) that can be delivered at all times,
and how long they can deliver an over-load, such as might be
encountered while starting up the motors. A quality power
supply should be protected by fuses and or circuit breakers
to prevent fires, this won't protect the computer from a
voltage spike, just designed to prevent fire.
A good practice is to buy a power supply that is rated large
enough so that with all the loads in the computer considered
(CPU, RAM, hard drives, optical drives, PCI and AGP slots
filled, cooling fans, USB and Firewire) the total loads is
NOT MORE than 85% of rated capacity. That allows a margin
for cooling.
Cheap power supplies are not as robust and the ratings given
are sometimes not really obtainable.
If your power supply is small, some companies ship budget
computers with power supplies that are too small (the HP
6465 I bought 5 or 6 years ago had only a 115 W PS) you will
have trouble when you add more RAM and extra drives even
though the mobo and case have room for them. With the 6465
I replaced the PS by buying a new Antec case with a 250 W PS
and moved all the components from the HP case. Solved the
problem of slow booting and unreliable CD burning. It also
gave me a bigger case with more room for access to the mobo
and better cooling.
An over-sized Wattage rating does not actually use more
power, but it will deliver the power you need and run cooler
and therefore longer than a too small PS that is working too
hard.
If you look at makers websites you can find service life
specs, such as MTBF (mean time between failures) and
duty-cycle ratings.