In Flight Failure

I read that an F-14 has a mean time between equipment failure of 0.6 hours and other
aircraft are similar. The F/A 18 has a mean time of 2.5 hours per failure. I conclude
that the average F-14 flight of 3 hours has 5 equipment failures, and that half of all F-14
flights of 3 hours have more than 5 equipment failures.

I understand that equipment failure is typically something smaller than "left engine ejected"
and typically the mission can continue.

Is this right? Does the average flight have several equipment failures per flight?
Are they even announced to the pilot (who must be feeling bothered with all the
distractions)?