I think the exhaust gasket he is talking about is the little copper ring. Simple answer to your question is, honda makes quality machines, has forever, and as long as you keep it lubricated, you should be all good. Most of the dramatic failures come from dudes pushing these machines way beyond there design specs, and even then they last a while in most cases. Besides, what does a good working hobbit engine go for? Like a hundy shipped?
Like I said though, just make sure everything is over lubricated. There is a manual on moped riders . org that has all the scheduled maintenance for a hobbit, including lube points and the correct oil. Some of them aren't so obvious, like the cables and the rear hub.