Should be OK - it's a matter of careful monitoring and
tuning of system activity.
There are frequently written areas of an ext3 filesystem - the
journal, the superblock. Those would wear out pretty quickly.
Increasing the commit interval to the maximum acceptable time
would reduce some of this wear and tear.
There seems to be some interest in doing this. Might be helpful
to ask on ext3-users: https://listman.redhat.com/mailman/listinfo/ext3-users
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