Flash Memory is just another form of storage on the storage hierarchy. Basically, the faster the storage is (wrt to writing more so than reading), the more expensive it is. Here's how I view the breakdown:
Hard Drives - Pretty inexpensive for large quantities. The slowest and least reliable (because of moving parts) in this hierarchy. For example, you can get a 80GB Drive for ~ $100 (last time I checked)
Flash Memory - More expensive than hard drives but faster and more reliable. In a real-world situation it is probably slower than a HDD because of the interface between the drive and the OS being the bottleneck (most likely USB) What seperates Flash memory from normal RAM (below) is that Flash memory retains it's memory while it is powered down. This is why it is just below HDD in the hierarchy. $100 gets you around 256MB of storage (depends on the kind of Flash Memory, such as CF, MemoryStick, etc...)
Normal RAM Memory - Cheaper than Flash Memory but isn't persistent like Flash Memory. Probably Faster because it interfaces directly with the MOBO, rather than having to go through a Serial/USB channel. $100 gets you around 512MB or more (these numbers might be off, but the order of magnitude is close)
CPU Cache - This is the fastest kind of memory, but the most expensive. This is usually a smallish amount of memory that the CPU accesses directly before it goes to RAM. I don't think you can upgrade this or go out and buy Cache memory. Not sure if I can provide meaningful cost data on this one
Now to answer you original ?, you should not have any problems overwriting your Flash card numerous times. What device are you recording on?
I only use my Flash memory for my digital camera. I could try recording to it but my card reader/writer is USB so that would prevent me from assessing the true speed of the Flash card.