Isn't arcing a major problem too? I've never taken a tailcap apart to see how they're constructed, but if it's a mechanical switch, then switching a DC current is going to produce some arcing. When I worked in the electronics industry, some of the better switches, the ones with higher DC current ratings, had self-cleaning contacts, meaning that they would "wipe" against each other as the switch was closed. That helped to wipe away any soot from the arcing and ensure a better contact patch.
I just bought an MC-E light, and the max. current draw is supposed to be just under 3 A. At that kind of current, I expect to have problems with my tailcap switch some day, so I'm just hoping that day doesn't come until this light is obsolete.
Contact material makes a difference too. I don't know which materials are used, but I would guess that if the contact metal is too soft, it will pit more easily from the arcing, and eventually the contact surfaces would be rough and more susceptible to soot build-up, and eventually they won't make electrical contact at all.
Also, when the contact patch shrinks, all that current flows through a smaller tunnel, meaning increased resistance and heat build-up.