I'm sure with regular maintenance, proper operation and care, they could last that long, or longer.
Everything wears out eventually though. Problem with long life is lots of people like to run at or close to redline in 5tons, and deuces. I've put 22k miles on my M109 and the only issue I have had is the transfer case slips out of high, and I just started to get an oil leak from my front valve cover gasket. It is on it's third alternator.
My truck messed up on Wed, so did Angie's jeep. We were supposed to go to VA for Thanksgiving. Guess what? put the M105 with some barrels of fuel behind her, and drove 'old reliable' the 900 mile round trip to VA. Cruised along at 2300rpm which is 55mph in that truck (G177's)
Where I was going with the ax comment, is you are hard pressed, to pick up a truck, and drive it 500k, and have all the same parts and even whole major components on it when you got done. Unless you took anything that broke off and rebuilt it, and even then, the parts you replaced aren't the same it left the factory with.
We don't really know, as the mil hardly ever let a truck get near that kind of milage without rebuilding it. As SWBradley said, I've seen M915s with over 100k, I seem to recall one at 223k on GL but again, the Army likes to send stuff in for rebuild all the time. I know that my M915 with 101k when I got it has had a different motor installed in its life.