As a point of failure, the transformer, if you buy a name brand like Square D or Sola and size it properly. It has the lowest probability of failure out of everything in the system. It is literally copper/aluminum and iron. No semiconductors or switches to blow. If the enclosure doesn't rust away and rodents get inside, transformers can last for 30 years and longer.
I prefer a system with a split-phase "Isolation" transformer because then I can have a true N-G bond at my sub-panel, regardless of what the inverters are doing on the primary. If I drive it with two EG4 inverters, it doesn't matter if I configure them in parallel at 120V or in series as 120/240V, the current between them will be balanced, with full available power on either 120V leg. It's a much better design IMO, but hey, I only designed and manufactured transformers from 1988-2002, what do I know.