I have a jet pump that can be used with either. It comes pre set for the 115. Any advantage to change it to 230? Changing the wire and breaker set up in the panel would be no big deal.
I changed my shop pump to 230 and it starts up quicker than 110. Of course I ran a new line for it also so that could have been a factor in it. Since the wire was over 50 years old that was running it.
Like people have said. 230 V should run cooler, start quicker and there for last longer. It also is a balanced load in your panel, which is just a nice to have thing. If this was before the wire was ran, then you could save a couple dollars in wire and have less voltage drop on long runs. Please correct me if I am wrong.
Without knowing the horsepower or current requirements of the motor, or how far it is from the panelboard, it's pretty hard to say if heat or voltage drop will be issues. Generally, if the pump is set up for 120vac to start with there's probably no advantage to changing it over.