Of course, bike and component manufacturers are keenly aware of aluminum's characteristics and design their products accordingly. The importance of careful design, no matter what the material, was emphasized in that famous 1997 German Tour magazine report: the one that presented the results of tests of the fatigue life of high-end steel, titanium, carbon, and aluminum frames. (Short version: several carbon fiber frames and aluminum frames came out on top. In contrast, all of the steel frames and titanium frames failed before the testing was completed.)

Interesting quote from the linked page:

What is so important about the testing this article describes? Even the testers were surprised to find that the high-quality lightweight aluminum and carbon-fiber frames they tested were more resistant to fatigue failure than heavier, high-quality steel frames. A caveat, though, is appropriate: the results hold for a frame which is ridden hard but not damaged or abused: corrosion, nicks, dents, scratches and stresses due to incorrect installation of components could alter the results, as the article itself notes.