In terms of mining, I cant see the value in actually using it to mine - or how long the ARM processor would even last under 24/7 mining conditions but it would be a neat host for a set of BitFORCE singles 
It should last many years, even running at full load constantly. Pretty much all modern solid-state computer parts are designed to run at full load for years and should not suffer reduced lifespan so long as power and cooling is not sub-standard. It might throttle if it gets too hot though. That will affect its short-term performance but should not significantly affect its life. If this is not the case of the RaspberryPi, it would only be due to almost inexcusable incompetence.
What if one uses the Raspberry Pi to connect a USB hub to it and use a dozen FPGA boards for hashing? Could it be done? Or will the unit crap up from so many boards?
The only issue I can think of would be whether the RPi can supply enough power on its USB port. Using a powered hub should solve that problem. You could also use any cheap SoHo router (with a USB port, of course) that can run Tomato USB or DD-WRT.interesting - i just picked up one of these to play with and use as a media player i might try it mining just for fun
Do you have any idea of its LTC hash rate yet? 
