NotSoFantastic,
You would be right if you mentioned that pressing TO/GA ONCE gives reduced thrust. Pressing twice gives you full 'chat'.
Ghostflyer,
Don't forget that a lot of aircraft these days have engines capable of much more than 'maximum' power anyway. Eg B737, engines rated at 27K, operating so that 'full power' is 20K or 22K. I submit that the likelihood of flexing reducing the failure rate when the engine is already producing so much less than design thrust is very slim.