Several distinct operating modes (conventional ohmic, noninductive steady state, internal transformer, etc.) have been proposed for tokamaks. Our study focuses on capital costs and lifetime limitations of reactor subsystems in an attempt to quantify sensitivity to pulsed operation. Major problem areas considered include: thermal fatigue on first wall, limiter/divertor; thermal energy storage; fatigue and eddy current heating in toroidal field coils; electric power supply costs; and noninductive driver costs. We assume a high availability and low cost of energy will be mandatory for a commercial fusion reactor, and we characterize improvements in physics (current drive efficiency) and engineering (superior materials) which will help achieve these goals for different burn cycles.