Cadman,braided line last for a very long time,the line will get a little fuzzy looking and discolored after a while. But even when it does, it is still very strong.As far as making grooves in your rod guides and tips,I haven't had that problem.I think that many of the newer rods are made to handle the braided line,because of it's poularity.
It can be a pain to cut sometimes, if you get caught with out a good pair of scissors,or a very sharp knife. They make a new line cutter that heats up and cuts it slick as a whissle. I think it runs off of batteries. I have cut off some of my braid from time to time,but only when it looks worn really bad,but even then it is very tough. The hardest thing for me to get used to is the no give in the line,you might want to go to a little more limber rod,I was flipping the little fish over the boat till I got used to it.
I'm sure it wears out like any thing else,but it will last several times longer than any other line Iv'e ever used.
Hope this helps a little,I'm sure there will be a lot of diferent opinions,but this is my 2 cents.