Spoke to a specialist bearing supplier about bearings on mountain bikes the other day. His opinion is that on Mountain Bikes, life of the bearings has far more to do with stopping the crap getting into the bearings (ie. utilising very good seals, or having the bearings hidden away as best possible) than it does the grade of the bearings. He said he would never bother with anything better than a half decent stainless set, probably Chinese, on a Mountain bike. Anything more expensive would still wear out as fast, and provide no benefit!
Ceramic bearings are great for the purpose they were designed for. VERY high rpm applications, generally running at high heat too. For Mountain Bike wheel bearings, in the wet and cold of the UK, they’re no better than anything else as their strengths don’t get the opportunity to come into play. Seal quality is far more important, and it pays to keep them packed with a decent quality grease too.