The pads seem to be holding up well. I haven't had any problem with the pads breaking down prematurely. The only time you might have a problem is with the Flex 3401. Jason Rose of Meguire's recommends to use the finishing pad with the Flex to cut down on the grabbing.
Just a little background, Jason Rose wanted a system that would provide the closest possible results to a rotary with a DA polisher and speed up the process. The cutting pad along with the compound is a fairly fast cutting system, but the key is you can't mess it up. You will achieve results close to that of a rotary, but you can train alot more people to use a DA than you can a rotary. It's not for perfection detailing, but for daily drivers it is hard to beat in my opinion. Also, after the cutting step you will notice that the paint finish will have most defects removed and will take very little time on the finishing step. The second polishing pad and product is a very very light polish with the sealer wax in it. You really just need to lay it down on the surface. You don't have to go over the same section very long. Once you put the second product down, let it haze and remove it and your done with the car. It also wipes off very easily even if you don't wait for it to haze.
The biggest thing is you don't have to mask off all the trim. It's very low dusting, if any at all, so that helps big time. Just a key, when using the first step, work it slow and overlap your passes by 50% and go over it a few times. After you are done with one section use an air blower to spin the pad and fluff up the fibers. You can then go over the section with the pad just like it is and it will bring up a little more shine. When using the pad for the first time be sure to put enough product on it to prime it good. You won't get good results if you don't prime the pad enough. After priming the pad, a few drops will take care of the next section. Sorry for the rambling and I hope this helps. I think you will be pleased with the ease of use and results of the system.