I have a 5 year old model S and I ran into this failure. My car was about 4.5 years old, it was about 6 months after the initial 4 year warranty expired. I'd struggled with deciding to get an extended warranty or not - of course now I insist everyone should get one. They very generously let me purchase an extended warranty at repair time and let me use that toward that repair.
That was a really stupid design decision of course for Tesla to use the emmc in that way. I love my car but that was a bad day when the problem hit me.
It's been a great car even with a few problems (had one of the door handles replaced). Mine will be 6 years old soon, I will probably wait till it's about 8 years old for replacing it.
On the other hand, I have a friend with an 8 year old model S and he had no extended warranty and he hasn't had that problem.