A properly maintained internal combustion engine should easily last many thousands of hours. The things that go bad on high hour engines (in no particualr order) are :
- piston rings/cylinders
- valves/valve seats
- valve seal/guides
Most lightweight single cylinder internal combustion engine
(think lawn mower) have a cast aluminum block and steel piston rings. Not the best combination for extreme durability. Some "industrial" models either have cast iron/steel cylinder liners or the whole block is cast iron.
Modern synthetic oils are truly amazing in how much the reduce wear.