Andrew,
I have a number of the Lionel remakes of the PA's as well as some of the Gilbert engines. My impression of the Lionel remakes is that they are a little more prone to have a less smooth starting speed but once rolling they run nicely. I have run the remakes quite a bit and if you keep them lubed once in a while I don't see any problems with wear, this would most likely be true even with most of the Gilbert engines but as kids we just ran them. Love them all.
Ray