Cleigh...your info is correct. EPDM membranes have limited life spans without extraordinary maintenance. Yes, they are sold as "20-year" systems, but in reality I have not seen many of them make it to 15 years and I've seen many of them fail in less than 10 years. Most of the problems are associated with seam problems and shrinkage of the membrane pulling flashings loose.
Conversely, hot applied built-up roof systems are still the best systems available. Hybrid systems using a combination of conventional built-up roofing and modified bitumen cap sheet are, in my opinion, the most "bullet-proof" roof systems available.
Yes, there are some pretty good synthetic membranes on the market (EPDM is not one!), but they require specific repair techniques, careful application, and maintenance. A good built-up roof system will last for many years with minimal maintenance (note...minimal does not mean "no maintenance"...all systems require maintenance). Add that to the fact that if you have a roof leak on Saturday, you can usually pick up materials to fix it at the local hardware store without screwing up the membrane in the process!! I have provided inspection, consulting, and management of over 10 million square feet of roofing and built-up still comes out on top (sorry about the pun!).
Ron
ps...the term is hot asphalt, not hot rubber, though there are "rubberized asphalts" available (modified bitumens).