How long a Power Loc lasts depends on a few things, but they are very durable and have a lot of holding power. If you decide to rebuild it, get the steel clutches. They hold better and last longer. If it only has around 150,000 miles on it, and the gears are right, I would slap it in and put some new fluid in it and run. Rear axles rarely fail without warning. A bearing or gears will usually howl or something will before it lets go. If you need to take it apart for some reason, then I would pay the extra for a complete rebuild. I really like the ARB locker in the rear, but it is much more complicated, and expensive, then a stand alone posi unit. I installed the air pump, ran all the lines, and installed the power switches, and it still cost me $2500.
Locker $1,100
ARB compressor $520 (ARB compressor comes with wire harness and makes for a super nice install)
Master rebuild kit $500 (does not include outer bearings)
Install $350 (money well spent).
Air tank ($50)
All that said, I really like the ARB and like having on board air. Of course you don't need the locker to have air. Unless you plan on doing some serious off road, I don't know if it's worth the cost. That depends on what you do with it. This is my camping/"adventure rig," so I wanted the extra strength and traction. I installed an ARB in the front, but have yet to hook up the air lines. Hope this helps.