Thanks for the replies guys!
How they are held up: I agree with not putting to much stress on them. I've had a couple rip at the grommets (eyelets) and now I'm careful about pulling equally all around the perimeter to hold them wrinklefree. Even added extra grommets on some that didn't have enough. Grommet kits can be found at places like Lowe's, Home Depot, and HF for under $10.
Protectant: I love that 303 Aerospace Protectant and buy it by the gallon - works great to keep the plastic panels on the Avalanche looking new (and that truck has a bunch!). I might try it on a cheap banner to see what effect it has. Certainly wouldn't want to discolor ones that I actually paid good money for.
Applying some type of backing: Back when I was buying all my Stanley cabinets from ebay, they were also liquidating a bunch of large decals for a $1 each so I stocked up (why, I don't know). They were meant to be pasted on the floor of hardware stores and seem to be decent quality material. One size is 18x36" (Stanley logo) and the other is 12x96" (looks like giant tape measure tape). It wouldn't take many of these to cover the back of a banner that I really want to keep. I might give that a try on the '70 Chevelle banner I paid big bucks for. As mentioned, it will be tricky to avoid wrinkles.
Another Observation: I noticed on some banners, the material is cracking just where the silver is printed (aluminum car rims in picture), so maybe the different color inks play a factor too.
One last experience: My dad had an old STP race banner (from back in the sixties) hanging in our barn for the longest time. It looked perfect all those years as I was growing up - not a crack. When I finally had a garage of my own, I decided to "borrow" it because I figured he didn't really care about it anymore. Well, the instant I disturbed it, it crumbled into a million pieces everywhere. The "Lite" and "K&N" banner up near my ceiling did the same thing when I went to take them down and they were only up there 2-3 years. Out in the sunlight, I would have given them 3 months, tops.