I always use 2.7k video so I can do post stabilization, cropping, panning etc. and still come out with 1080p video.
http://www.youtube.com/watch?v=ZFHc6tY_iiM
Yes, and make sure you do the same with your football, kite, bike, baseball, frisbee etc as well, since these cause many thousands of injuries each year.
I'm probably approaching 500 flights without a problem.
I did have the bearings replaced after about 100 flights, but only as a preventive measure while other work was being done.