Its been said before, but no one listens. In this thread alone, at least three times, hydraulic is a better option. Why do you think you tow driver friend who uses a winch for a living says hydraulic? I would also go with the used and rebuilt option...you're less likely to have issues than with a new unit in my opinion. The US military, countless tow drivers, Dodge, most farmers/ranchers and miners will all tell you hydraulic. Guys with Jeeps and loud stereos are running electric winches.
They all fail, the cheap ones more than the warns and mile markers, so that argument I will stay out of. I personally have a Warn series 12 industrial and two mile markers, had no issues with any of them. You can get a good winch for under a thousand, easily. Realize that most aren't used but once or twice, I'll bet a third of them have never even stretched out the cable, which is why I say buy used and have someone go through it. .