I ran my home system (back before PiaF, using TB) for over a year on a CF card with no problems, with a lot of writes going on. I had over a dozen extensions, and was also running a VPN server (OpenVPN) and a web content filter (Dansguardian and Squid), and all calls were being recorded (and later moved with a cron job over to another computer so I wouldn't run out of space - only 4GB).
I didn't move any of the logs or other files elsewhere, I didn't take any steps to reduce the number of writes to the CF card, I simply counted on the wear-leveling algorithm that's built into the CF card to even out the writes.
When I moved over to PiaF, I got an Everex GreenPC and haven't switched over to the CF card yet (may or may not - the hard drive in that box is very low power). The adapter is one of the super-cheap ones off ebay, and the card is a "Transcend 45X" 4GB cheapie from newegg.com, which apparently doesn't quite support everything it should (I had to ignore a lot of "Driveready seekcomplete..." errors on the console every 5 minutes or so.
The trickiest part for me was migrating over to the CF adapter from the HD based installation I started with. Installing from scratch should be easy, though, and you won't have to learn how to modify the kernel boot parameters. If anyone needs them, I could post what I had to do, though it may not be necessary for you.