I'm on 296's right now. Not the latest generation, but they're good pedals so far. I think I've mentioned in your threads that you can get cleat covers that protect your Look cleats and also give you more grip when walking, if that's a concern. They don't wear that fast from regular riding (putting a foot down at stoplights, etc.), but they will wear relatively fast if you walk on them much.
At any rate, I haven't heard as much about the 396's, but Look and Shimano both have great reputations for durability. It's going to come down to riding them, which becomes tough.
As for Looks squeaking, a little grease or bar soap will keep them from doing that. Not sure about the falling apart, though. Depends on who you heard that from.