ANALYSIS-End of the good life stirs discontent in Guinea's army

* Former military chiefs among those arrested

* Army reform progressing, but process will be long

* Ethnic and political tensions remain a factor

By Saliou Samb

CONAKRY, July 22 (Reuters) - For years, the lucky holder of a post in Guinea's presidential guard could expect a plush villa and a share in rackets worth up to $50,000 a month -- about 500 times the average income in this West African state.

Such is the depth of official graft which new civilian President Alpha Conde has vowed to stamp out -- an effort which analysts say nearly cost him his life but which he must win to bring lasting stability to his country.

"This is all about a clash of interests, a conflict of appetites," local political analyst Kalifa Gassama Diaby said of a gunfire and rocket attack on Conde's home in the capital Conakry during the small hours of Tuesday.

Conde himself escaped only because he had changed bedrooms as a precaution, but at least three people died in the two separate assaults which left his residence riddled with bullets and its main gate blown out by a rocket-launcher.

Authorities have so far not pointed the figure at specific individuals but arrests targeting dozens of soldiers this week leave no doubt that among the suspects are top military brass sacked by Conde since he came to power in December.