It is possible. I forget the exact amount, somebody once posted the MTBF for the ROM chips. I do believe, you shouldn\'t run into this problem as ROM should be read-only. You really aren\'t doing that many writes.
I will say that if you ARE flashing over 200+ times, I would POSSIBLY be concerned about how long your rom chip is going to last.
Now, keep in mind that everything man-made is in some way, shape or form flawed (personal opine). Thus, it has that odd, sometimes frequent ability to break. Something else to consider.