HMPE materials (Dynaflight, Formula 8125, 450+, etc.) may be a tad faster (lots of variables to consider), but that's NOT why I use it.
I prefer HMPE materials because they have a lot less stretch, a lot less creep, and are much more durable (in moderate size strings--I don't use less than 10 strands). I have no problem getting them very quiet (a little tuning goes a long way), and they make some bows shootable for me that otherwise would sit on a rack if I owned them at all by reducing the hand shock.
I don't know of anyone that uses them just to pick up a couple fps. Personally, I'd use them if they were a little slower than dacron--they offer many more benefits than speed.
I've yet to see a bow that was properly made be damaged by a HMPE string. I've seen several bows fail with dacron strings on them (I don't blame the string). I only know of two (by the same bowyer) that failed with an HMPE string on them, and neither failure (one had a severe limb twist, the other delaminated the first time it was pulled to full draw) had anything to do with the string.
Point being, bows can and do fail, but rarely is it due to the string. The string just gets the blame if it's an HMPE string on the bow when it blows. If the bow has a dacron string when it fails, something else gets blamed.