Melamine is VERY heavy and yes it will warp and crack over time, all those reason made me upgrade the racks I built when I first got tarted to expended PVC (lighter, no warping, no cracking and fire resistant)
If a rack is taken care of it can last, I know a couple people with 20+ year old melamine racks. However I think there is any doubt PVC is superior and now you can get sheets from home depot for under 60 bucks in some areas... Well worth it over melamine.