Mine went into the dealer in July of 2004 to have the actuator (master cylinder assembly) replaced under the recall. It was the second time...first being done around 120k miles, the second around 240k miles.
The primary accumulator, the black ball next to the actuator, is a regular maintenance item and will run from $60-80 depending on how bad the dealer gets you in the wallet. The symptoms for it being bad are generally the same as the actuator assembly. The pump motor is supposed to run every 5-6 brake applications. You'll find that the system will not be able to hold pressure and the pump will cycle more often. When this happens, the pump has a tendency to fail.
When these symptoms begin you want to make sure the system is checked. If the accumulator is OK then it's likely the actuator and that's a recall part that wll be replaced for free, parts and labor.
The pump will not likely go out unless it's running almost constantly, in which case it could fail. My understanding is that it is also under the lifetime recall.
I've thought about converting my system but it finally works right after the work done in 2004. I don't have ABS as that has been removed but the brakes themselves work pretty well. I recently added rear discs to my axle and the balance even seems OK there so no need for a proportioning valve.
When I finally made the decision to remove the ABS function entirely I also pulled the dash bezel and the left side indicator light cluster and removed the CHECK ABS light bulb as it was on all the time.
About 24 months after removing the ABS and 18 months after doing the recall work, all is good.