Sorry Valvecrazy, I had flash backs of my old boss when I read your post. He hated drives and fought tool and nail to keep them out of his plant, even when it was clearly needed.
If you throttle back to prevent runout conditions, yes you will extend the pump's life. Also, I have seen 5000 gallon pressure tanks in the entertainment industry but they are probably custom made and very expensive.
I have installed hundreds of VSD's on pumps and have never seen a problem with anything you suggested. Of course, they were all properly applied. I have VSD's on air compressors that have been running for 10 years.
BigInch, I agree. However when flows vary dramatically (heating plants, sanitary water, water shows, etc), VSD's are sometimes a good option.
Sorry to beat the point in. I feel like VSD's get a bad rap on this forum. These sales "engineers" are giving them a bad name.