I replaced my stock alternator this spring with a PMA after the stator shorted. I have had my bike since new and in 130,000 miles had replaced brushes several times, replaced the rotor, the rectitfier, and then the stator failed. At this point I was tired of the brushes, yes they last a relatively long time but that also makes it easy to forget about them until it stops charging. I had long been looking at the PMA kits but would not have put one in if my stock system did not fail. The kit was not much more $ than the cost of a replacement stator.
I did have a battery failure once and if I had not been with some friends close to a store would have left me stranded. It suddenly went open circuit internally and with no battery the bike will not run.
BTW, I hated the stock points setup in my bike. The Boyer system (now I have 2 with the rephased engine) was one of the best mods I ever did to the bike. No more fooling around with a timing light periodically to keep it in perfect tune and the spark from it is HOT! Set it once and forget it.
Congrats on owning and riding an XS650 for that time and distance.
That's amazing that you have only had to replace the rotor and stator once, for that amount of riding. That's a real testamonial to the high quality and durability of the stock components.
Yes, brushes are a "wear" item, similar to brake shoes/pads, tires, etc. They are just part of an annual maintenance check up, and replace as required.
Batteries fail when they get old. My last wet lead/acid battery failed after 8 years on my bike, which I consider quite good service.
I totally agree about points. They got the job done before electronic ignitons were invented, but I enjoy using a Pamco ignition. Points ignition and the ATU mechanical advance can now take their rightful position in museums.