I think quality lights will be replaced long before they quit working. What question needs to be asked is the usable life of an average LED light instead. I've gone through several generations of lights that have end up gathering dust as newer lights I've found brighter and better constructed and more efficient using better battery technology.
Only time will tell if todays LED lights will be replaced by better ones in the future.
the only limiting factor would be led itself, will its die decay
the only limiting factor would be led itself, will its die decay, led themselves are not new, been around since 60s, as very low power indicator leds, i have old radio that is around 40-50 years old, that has small red leds, they still work, but leds are made by many different manufacturers, some are better than others, use different elements, manufacturing process, some leds may stop working due to decay in 10 years, others may still go strong after 50 or more.
just wondering
some companies like HDS Elzetta, Malkoff limit the LED output to not push it too its limit right?
I have some lights that I've put a few thousand hours on (used for room lighting every night). I've worn out many batteries over that time, but the light still seems fine. Of course, I don't know if it has dimmed since it was new, but it still seems bright.