That's the original charger for my 2006 black MacBook. It was in daily use by me for work until I got my mid 2010 MacBook Pro, and was then used as a "home machine" by someone else up until early this year.
The charger from the 2010 Macbook Pro is still working fine (but I'll point out I left that charger at work almost all the time, and "borrowed" the 2006 one when I needed to top up at home).
I suspect a difference is that I never "wrap the cable round the hooks", I just loop the cable up loosely and drop it all in my bag. I do the same with my iPod/iPhone cabes, and I've only ever had one of those fray (and I suspect that was one that got borrowed a lot). I wonder if this is a "you're holding it wrong" design oversight, where they've had lots of people using and testing them, but all in very similar ways which are not the only way they're used outside Apple?
So maybe if you stop taking "good care" of your charger, and stop wrapping it in a tight loop, it will actually last longer.
That said, a lot of people seem think you're supposed to wrap the cables. After all, the MBP charger has built-in hooks for exactly that purpose. The charger is badly designed if wrapping the cable around the provided hooks causes it fray very quickly.
I really think it's the internals that are too fragile.