In my own chair(s) experiences I have purchased everything from the lowest priced cheapos all the way up to the "best" thing that places like Office Max offer.
Common failures are things like the upholstery, the ram starts leaking, arms loose or break, etc. Within the last few years the biggest fail point issue I have had is the metal reinforcement under the seat tears, yes tears and caused the seat to fail as a whole.
The last seat I bought was the Serta office chair, I cannot recall the model, but it (supposedly) came with a lifetime warranty both on the leather as well as the build of the chair. First one cracked on the bottom and the leather came apart. I had zero issue having it replaced. The second one did the same thing (about two years total both chairs) and they refuse to warranty this one since it's the replacement.