Very interesting reading Sfene! Thanks for that link.
Of course they are talking about steam driven large machinery and almost all of the failures seem to be from overspeeds due to governor failures. The engineering formulae are of interest in determining what is likely to be a failure likelihood in a well-constructed flywheel. From what I could tell just skimming that material, there is a 300% to 350% rated rpm safety factor built into the designs.
Quinnf, thanks for that link!
dieselgman