I'm a huge believer that lubrication is the single biggest bang for the maintenance buck, and the most overlooked aspect of machine life. Having said that, the only good use for a non-sealed bearing anymore is typically an environment where foreign matter intrusion into the bearing can't be stopped. Grease is nothing but oil suspended in a base, referred to as "soap". Modern oils (grease) does not get "used up" in the bearing. Lubricants today are light years better than what was available just a decade ago. In the past, the oil would come out of suspension leaving only the soap in the bearing, and therefore the grease needed to be replenished. When you shoot grease in a bearing, the purpose is to push out the old soap that has lost its lubricity due to the oil being gone, or because the grease has become contaminated with foreign matter due to intrusion. On a grinder, an open bearing would allow more foreign debris intrusion than greasing the bearing would ever flush out. Just greasing a dirty zerk ruins more bearings than people realize because the grease gun pushes the debris into the bearing. Truth be told, the best thing a maintenance man can do is leave the glob of grease on the zerk alone when he pulls the gun off. Then you wipe the glob off just before you grease the bearing again.
A sealed bearing is better in almost every way, unless the bearings are being run underwater or in a caustic environment. If the oil doesn't leak out, the grease never goes bad during the life expectancy of the bearing. Modern bearings last a very, very long time if they are sized right for the application. Obviously the quality of the bearing matters, but if a bearing is wearing out prematurely that's a materials problem. (Chinese bearings) Chinese bearings are like Harbor Freight tools. You know what you're getting. It's a price point decision that is either right or wrong depending on your needle of cost vs value. A good, quality sealed bearing from FAG, NSK, and the like will run 24/7 for a couple of years in a factory environment. Chinese bearings are cheaper than any decent grease you would put into them.