For what amount of writes? You only put / on the CF, you know, the part of the OS that never changes, except during upgrades.

It's used to boot the system, and that's it. /opt, /var, /tmp, /home and so on go onto the storage array. That way, you don't "waste" a RAID1-worth of harddrive for the OS.
And it's not "exotic" in any way. They appear to the OS as any other IDE or SATA disk (there are plenty of CF-to-IDE and CF-to-SATA adapters out there). It's not like you put them into a CF card reader. You can even get adapters that plug into PCI slots, making them easily accessible without opening the case (the PCI plug isn't active, it's just used to hold the adapter in the server).
Since they're in a RAID1, replacing one is as simple as "remove old CF, insert new CF, rebuild array". Just like any other harddrive. If you use a SATA adapter, they're even hot-swappable at runtime. At least on FreeBSD, IDE versions are even warm-swappable (you have to do some manual stop/start of the IDE port).
The core OS rarely needs more than 4 GB, usually less than 2 GB. Why "waste" even a 40 GB laptop drive for that? It's very hard to buy small harddrives nowadays, but CF and SD cards are very inexpensive and readily available pretty much everywhere.
We do this with our FreeBSD ZFS servers without any issues. The CF disks appear as normal IDE, and we can dedicate every harddrive in the system to ZFS. No wasted disk space, no wasted drives, everything is dedicated to storage. I'm planning on doing this for our VM systems in the future (why waste a harddrive to boot the OS and start the hypervisor, when all guest storage is on the NAS/SAN anyway?).