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My first coolant filter was completely plugged to the point that it didn't even get warm within about 2 months (probably 5-6000 miles) of when I installed the filter.
My factory water pump ran 198,000 miles with the filter installed, and when I replaced it the leak I thought was coming from the weep hole was really coming from the thermostat housing. The pump impeller itself was in very good shape. I gotta think that the coolant filter was at least partly responsible for the long life.
I have seen pictures of 7.3's with holes worn in the front cover from abrasives in the coolant. The coolant filter is a good mod as far as I am concerned, at least on the 7.3.