I think that we are getting too carried away with only one parameter here. Unless 2 pole or 4 pole is the fundamentally important issue (not in my view, then the whole duty is what matters to determine which pump you choose.
I believe that for the right duty, I am perfectly capable of buying a 2 pole pump which will have a reliability more than adequate for long term continuous use. However, the most important issue about higher speed pumps is that their NPSHR will be a lot greater than that of a slower speed pump. If you buy a pump with no thought to NPSH you are more likely to get away with it at 4 pole. Also, if you buy a pump with a poor design (flexible shaft in particular - running well off its duty point is another classic) it will have problems. As Engineers we need to provide econonmic solutions, so I would always pick a well designed two pole pump if all the other (more important criteria) - NPSH, position on curve, l3/d4, bearings, detail design etc.. were acceptable.
For a given head, tip speed is going to be fairly similar whether you have a two or a 4 pole pump.
The two pole pump will have a smaller and lighter impeller and therefore does not need as big a set of bearings, so this evens out fairly well in the end (although watch out for where high axial loads are required e.g. high suction pressures as the thrust bearing loading may be of interest).
The mechanical seal on a 2pole pump will be smaller in diameter and run faster, and typically this evens out so that the PxV rating is similar on both, and you would not get more wear on the faster pump.
Four pole pumps will have a lower inlet acceleration which allows for better NPSH and maybe less erosion at the inlet if this is an issue.
There are some heads that you cannot do on a 4 pole machine, unless you go for series pumps or two stage. I would sooner have a 2pole machine than a 2 stage 4 pole machine (NPSH permitting) any day.
To be fair, if you are intent on abusing a piece of equipment: misalignment (coupling and piping), failure to lubricate, etc.. then you will probably do better with a bigger butcher 4 pole pump, and you probably have some better career opportunities sorting out the maintenance and operation!
On the other hand if your problem on a well designed pump is that the bearings are failing through end of life, I am very impressed. L10 life even on a 2 pole pump is generally far better than people get for pump life.
Balance standard: G1 is totally over the top for 2 pole pumps. Typically G6.3 would be considered acceptable, although it is always nice to do better.
In summary, buy a well designed pump which is right for the job. Avoiding NPSH problems and running well away from BEP are probably the things that matter in determining the speed, rather than a general must be 4 pole.
Incidentally does anyone wish to join the Society for the Abolition of the "Rated point must be to the left of BEP" clause, so beloved by design contractors? The main outcome of this is that the pump can never run on its design point, and we break far more pumps from running below minimum flow.