Yep they do have a write cycles life before problems arises. But I'm more concerned that you only have one card in the first place. Do you only have one battery also?
Do you have only one camera? How about one car to get to the shoot? There's little reason to be concerned these days with ultra redundancy. There's a multitude of components that are far more likely to fail than the memory card these days. The most likely thing that would affect the memory card is losing it which I get around by never removing.
Got me to thinking...do memory cards have a life expectancy? I have used this same one since Jan of 2010. Never had a problem. But should I replace it soon? Any evidence out there that says cards fail after a certain of years, or after being formatted 200 times, or 500 times?
So as someone has mentioned already the modern flash has a write expectancy of around 1 million read, write, erase cycles. Think of an SSD hard disk, same technology (Flash Memory). In really heavy services such as database servers they get thrashed 24 hours a day and don't fail. Yes they have wear leveling algorithms but they also get driven far harder than just taking a photo.
The modern flash not only lasts for 1 million cycles but there have been several independent tests done on a variety of Flash and EEPROM chips that determined this manufacturer rating is conservative by a factor of about 10. I still have my original cheap Chinese rip-off CF card from 4 years ago and it's still going hard 60k shots in, not to mention that while I was at uni I frequently used that same card for transferring data between equipment and files from uni to home. The card has been through the wash twice too.
Memory failure these days is not a credible concern. However it's worth noting that this was not always the case. Early flash memory had orders of magnitude shorter life, and combined with stupid writing system that updated the same section of the card everytime a picture was taken made them initially not quite as reliable as people wanted. This has given them a bad name amongst a lot of oldschool digital shooters (some of which here I'm sure would attest to failures).
Most failures are the result of a problem in the camera or memory card reader. Also failures happen while writing not while reading, so in nearly all cases data is recoverable. I would highly suggest that in maybe a year or two you buy another memory card, but do so because they have more capacity.
If it's data integrity you're after I suggest starting to look down at that box under your desk. Do you have a RAID1 harddisk configuration that could save you dataloss during a power surge? Do you make regular backups? Do you keep your backups off site to ensure if your house burns down you still have them? This stuff is something that is worth looking into far more than getting a second memory card just incase your highly reliable card ends up being incredibly unlucky enough to crap itself in a shoot.
Now if you're shooting a wedding take a second memory card for good measure, they are cheap and angry brides tend to sue
