I agree that a properly adjusted Shimano hub will far outlast a cartridge bearing hub.
I don't know how you figure that? Both bearing types work, and both will fail if water and dirt get in, but the big advantage of cartridge hubs is that if this happens at least you
can replace the whole bearing. With cup-and-cone the inner race is effectively part of the hub so once it's damaged, the hub is scrap.
And then there is the cup-and-cone hub's dirty little secret! Everyone thinks about a Shimano hub having the two angular contact bearings on each side of the hub but in fact they have
three bearings. They need one to allow the free-hub to rotate against the hub so hidden away at the back of the free-hub is bearing that is pretty much identical to a cartridge bearing, except that it's built into the part and is virtually impossible to service. Ironically, it's this bearing that often wears out first on Shimano hubs, as the sealing on it is crap, and there is nothing you can do about it.
Which type of bearing arrangement lasts the longest has little to do with the inherent design of the bearings but everything to do with the seals. The hub with the best seals, wins. The seals on low-end Shimano, and most other cup-and-cone hubs, are rubbish, especially on the drive side. Being able to put a lot of grease in a bearing matters little if water can get in and turn it to rusty mayonnaise. XT level up they're a lot better but most cartridge hubs still do better in practice. Especially if you pop the seals off and fill them with grease. They seem to last indefinitely if you do that.
In terms of performance, again it depends. Yes, cup-and-cone hubs
can run smoother but only if they are properly maintained and correctly adjusted. The big plus though is that you can adjust them. With cartridge hubs the bearing pre-load is determined by the geometry of the parts making it very difficult to alter it. If the bearing seats or spacer tube are machined just a fraction out it will overload the bearings and you'll have a sticky hub. I have a Hope front hub that was like this. It worked but was far less free that it should have been and it was a real pain to try and free up. Even when running ok, I'd still say that Shimano hubs run faster.
To generalise I'd say that if you want wheels that spin fast for road use and don't mind puling them apart at least once a year, go with Shimano. If you want fit and forget reliable hubs for off-road then cartridge are usually better. Which I prefer rather depends on what kind of mood I'm in ;0)