Wow. People act like a "fast" winch is like, some sort of race-car winch machine of death. Just waiting to run out of control and kill.
Unless you've got one of those specialty winches the boys over in the UK cook up (twin motors, 30% higher gearing, etc), even the "fast" ones aren't really that fast. Sure the fast ones have a fast no-load line speed, but then they get down to a reasonable speed under load. Sure, you can get your hand caught in it, if you aren't paying attention. Just like anything else. And then the slow ones, its like waiting in line at the DMV.
Also if you've ever been stuck behind a bunch of trucks, coming up on an obstacle, and everyone has a cheap, slow winch, you are there...forever. Then the cheap ones break down, now you've gotta deal with that...
In relation to "killing your winch". Yeah heat, blah blah blah on the motor. Sure. But the motors can typically take it. Its the solenoid pack that'll get toasted. Except for the "solid state" (or whatever) solenoids, regular solenoids get temperamental after winching for a long time. Add load to that, they tend to give up the ghost. Mine get pissed off after a while.