The very best 1/8" chain is equivalent to the very best 3/32" chains. I am aware of only one "very best" 1/8" chain -- the Izumi V gold -- while the top 3/32" chains from the major manufacturers are all about equivalent, as far as I can tell.
A big difference is that as you step down in price in 1/8" chains, quality drops rapidly and severely, while similar price drops in 3/32" stuff result in what are still very good chains.
1/8" chains can be run on 3/32" cogs and rings without any problems whatsoever. I know this from extensive personal experience.
1/8" chains are much more sensitive to the quality of components and to chainline. Top quality 1/8" stuff set up properly can be whisper quiet. Anything less is likely to make more noise than 3/32" stuff. IOW, it's a lot easier to get a quiet 3/32" setup than 1/8".
I do not have any actual failure figures to refer to, but the top road sprinters in the world use 3/32" without apparent problem. If one is capable of sprints of more than 45 MPH then one may be justified in being concerned about the tensile strength of the chain. FWIW, 3/32" has largely supplanted 1/8" even on the track. Match sprinters still use 1/8" though I'm not completely sure why.
As for longevity, IMO cleanliness is the key with any chain. Quality 1/8" chains used on the track last for years if not decades, because the track is a very clean environment. Their lives will be much shorter on the road, especially if left wet/dirty. Same goes for 3/32" though, too. I would plan on replacing my chain every six months to a year, on a bike used on the road. This may be a good argument for not using expensive 1/8" chains.
One area where 1/8" is markedly superior is for bikes with crummy chainlines and/or flexible chainstays. 3/32" chains are designed to derail. If conditions on your bike encourage derailling, you may find yourself coasting on your 3/32" equiped bike, where a 1/8" would stay put. Albeit noisily. The solution, IMO, is to fix your damn chainline.
Condensed version: for a bike used on the road, I think 3/32" is less expensive, quieter, and much more available than 1/8", with essentially no drawbacks.