As long as Cree maintains it's QC, then I don't think there should be any problems with their LEDs.
I understand the problems with Chinese manufacturing(I have read the stories of poisonous/malfunctioning/or just down right shameful toys, pet food and other products), it's not that there is zero government regulation, it is the governors themselves and the businessmen are corrupt and desperately need to be replaced. Some people try to have some sort of regulation but it usually doesn't work. For example, if the head/president gives $1 million to improve the safety of products, the first government official to see that money will illegally take 10% of that money, then the next one will take a further 10% and so on(Numbers are random guesses and not to be taken as a fact, No one dares to stop these people, they are too powerful). The governors/businessmen then run off to another country when they have gathered enough money. The head/president wants to improve the quality of products but by the time the money reaches where it's needed, it would have already been too little to help. Money is still top priority there, it seems to be more important that the lives of others. Most of the businessmen there want to make the most money with no regards to safety of their workers or their products. Some bribe the government to not check their factories.
I also hate the way many Chinese businessman and governmental officials act. It will come back to haunt them. I just don't like people picking on just one country or judge all their products on just a few experiences.
I'm hoping the Chinese remove their corrupt governors and businessmen before it is too late.
I hope I have not created any bad feelings, sorry.