I am on my third... maybe fourth year with this:
http://www.mec.ca/Products/product_detail.jsp?PROD...
I've also used this one (I think):
http://cyclesmith.ca/product/cycleops-mag-trainer-...
I like the MEC one... not the quietest thing out there but it works. The cycleops one was louder and the one I had had an adjustable tension thing that never worked.
I only have a cyclecross bike that I use for the road, 'cross and training so yea, I do use my #1! As long as you have it clamped properly and you don't rock all over the place your dropouts should be fine, but check for paint chipping or rubbing. Also, don't leave your element on the wheel, that spot loads the wheel and won't do any good.