Switching high voltages with MOSFET at high frequencies
Some thoughts about Option 2:


You might need to add an EMI filter if you connect to the grid
You might need to add a charging-resistor with a relay to prevent an inrush current
You have to add auxilary supply (e.g. flyback on grid-side DC-link) for the H-bridge control and drivers 
If you employ 600V Si-MOSFETs, the internal body diodes might be of very poor quality for free-wheeling, so you might have to add external fast antiparallel diodes (plus series diodes to prevent the body diodes to take over and produce high losses)
If you employ 600V SiC MOSFETs you can switch much faster and the body diodes might already be ok for free-wheeling (depends on chip design) 
Si-IGBTs might be a good choice. There is no body diode and you have to add fast low-loss free-wheeling diodes. 
To prevent saturation of the HF transformer a capacitor for blocking DC voltage might be necessary (preventing small DC by control is possible but tricky and requires additional sensors)
Higher switching frequency gives higher losses. So it is a compromise efficiency vs size of transformer. Transformer size is limited by frequency-dependent losses, and the heat sink of the semiconductors increases with the losses as well. 
Switching frequency is totally dependent on desired efficiency and employed semiconductors (Si-MOSFET, SiC-MOSFET or Si-IGBT, in combination with diodes). A circuit simulation including loss calculation based on data sheet information is highly recommended. 
Concerning life time the grid-side DC link capacitor might be critical dependent on the rms current (something I saw quite often)