Yes, the entire thing is a non-issue. The VFAT partition with the boot loader is essentially a RO file system. The core Linux system is on ext3/etx4 partitions which are journaled and very, very hard to break.
If you are wise, you are not going to use journaling on a flashdisk....
Most part of the filesystems can be mounted readonly (no journaling, no atime)
only some parts needs to be set to tmpfs (/var/lock, /var/run)
See : http://twobit.us/blog/2010/01/.....e-disk-io/
This is a safer way to proceed and if you need to write some extra data - for example, if you run a web browser and cache is enabled -, you can to store the data in another partition.
I used to work for a company doing digital signage player, and from time to time the file system crashed. In some case, this was a pain, since the customer had to take a ladder to access the monitor and open it to retrieve the CF card, then reinitialize the CF card, finally go up the ladder again to insert the CF card back.