Edit: I'm asking on behalf of another listserv and as part of my own search for equipment replacement advice.
I've seen many digitization projects where external hard drives that were purchased for use in a project years ago are still in service as because they haven't failed yet. For instance, I helped with a digitization project using a Firewire 800 external drive 3 years after computer manufacturers stopped supporting that interface. Often these hard drives lie fallow for months between projects, and then dusted off to be pressed into service on request. Even if the data is backed up from these drives, they are often the working storage for a project until the scheduled backup. At what point should a librarian/archivist/etc stop trusting that a drive will last the duration of a project, even if it has all the right specs for the job?