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I have absolutely no worry about the batteries not lasting. I've talked with a hybrid pack rebuilder, read the statistics on the number of failed packs (under half a percent for my generation Prius), and I've also met an owner who had a gen 1 prius for 350k miles before he got t-boned and it was totaled. The batteries won't be a problem. If there is some odd failure and I'm out of warranty, pack rebuilding is a pretty cheap alternative, usually under $1k to fix. I'm not sure of the performance loss over time. I'm sure there is some.
As for fuel savings and cost, I really do believe its there. I bought my 03 Matrix for $10k 3 years ago. One year ago I got my 04 Prius for $12k. No offense to the Matrix which I love, but the Prius has a TON more features and is just a nicer car. I'm currently saving around $640 per year. The direct comparison shows I paid $2k more for the Prius and I have an ROI of 3.1 years. But, the Matrix was an 03 (60k miles when I bought it), and the Prius is an 04 (40k miles when I bought it), so there is a year difference. Is that a fair comparison? I dunno. If we look at the numbers right off edmunds, a 04 Matrix with the options I had (not many, it was a base model) is worth $5600, and an 04 Prius with my options (which is nearly everything) is worth $9400. So, we have a difference of $3800 and ROI of 5.9 years. In both cases it pays for itself, but it does take time. Both cars have been incredibly reliable and have never had any major repairs.
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