Hey,
I have about 3750 hours on the Universal M25 in my 1986 O'day 35. I have almost all the records (I bought the boat in 2006) and no major work has ever been done. This past spring I changed the raw water pump, fresh water pump, cleaned the heat exchanger, new thermostat, and that's about it. The engine looks good but there is some rust on the bottom of the block. I bet that in a salt water environment that rust and lack of maintenance kills more motors than anything else.
My engine runs like a top and uses no oil. It makes good power and easily drives my boat at over 6 kts (when the bottom and prop are clean). THis past summer I went on an 80 nm trip to Block Island. The weather was not favorable so we motored the entire way there (with wind on the nose and uncomfortable seas). Again, the engine never skipped a beat and worked great.
The engine does smoke a little when under high loads. I'm thinking of having a mechanic check the fuel injectors next year.
These engines are pretty tough - I had some cooling issues this year and ran the engine for 15 minutes with the temp gauge pegged hot. I was afraid I might have cooked something, but no damage was done.
I put 50 - 100 hours a year on the engine, so I figure that if I can get to 5000 hours I will be in great shape (I doubt I'll have the boat that long).
Barry