The CF MicroDrives are pretty good in the sense that they're tiny, fairly reliable hard drives.
They're not nearly as fast as good flash cards, but you don't have to worry about wearing them out by overwriting one particular sector too much.
I worry about the service lives of their tiny little motors, but iPod Minis that have been played constantly for years are still working so maybe I shouldn't worry about it.
Personally, I think that there's a few reasons not to worry about sector burn-out when using CF cards as storage in vintage Macs: First, the wear-leveling algos are getting better day by day. Second, the write-cycle lifetime of flash is getting better day by day. Third, vintage Macs don't pound the disk like modern OSes often do, because we usually have virtual memory turned off.
While wear-out is still a concern, I believe it to be over-inflated at this time. (note that this is just speculation because I haven't actually gotten around to rigging up flash storage in my SE/30 yet)
CF cards will probably be better than SD cards when used as drives, because all modern CF cards support 'true IDE mode' where the card behaves exactly as an IDE hard drive, complete with UltraDMA transfer modes. SD cards require fancy circuitry on the adaptor to do the same thing.