I have had a 5hp 2" Honda pump for several years and it runs great. I frequently put a 20 gallon external fuel tank on it and it will run for two days straight without running low on oil. It has been submerged twice, both times no water in the crank as Honda's are sealed very well. I figure I have at least 3000 hrs or more on it.
My Subaru/Robin 3" pump failed after about 500 hours on it.
Whatever you buy make sure it has an oil-low shutoff on it other wise it is too easy to run them out of oil and sieze them up.