Mags and 357,
There are two types of failures that generally apply to LEDs when one asks about life. The first type of failure is a catastrophic failure, such as an open or short. These are rare - especially if you do not abuse the LED. Typical mean time to failure (MTTF) is better than 150,000 hours under proper conditions - the typical "life" you see quoted by many manufacturers.
The second type of failure is loss of lumen output. This is an aging function which takes place in all LEDs. Heat and current density tend to be the driving forces while material degradation tends to be the actual cause. Most manufacturers rate the life of an LED based on the loss of 30% of the initial lumen output under some specific set of conditions. Of course, the set of conditions selected by marketing to state a claim and the set of conditions the LED will actually see in use may be quite different. 5,000 to 20,000 hours is common and for most practical purposes is greater than the useful life of the product. In other words, the device will be taken out of service for other practical reasons long before you exceed the useful life of the LED.
For instance, on the 60 lumen setting with an EDC-series flashlight you should easily exceed 5,000 hours life on the LED, which is roughly 15,000 battery changes. If you drop the output power down to 10 lumens, you can probably get something closer to 50,000 hours of life from the same LED, which is roughly 5000 battery changes. At the 2 lumen setting, you can probably exceed 150,000 hours from the same LED, which is still over 1000 battery changes. Suffice it to say that in our products, the LED is good for the life of the product. These numbers tend to be conservative.
Remember, life is primarily a function of current and heat. Vendors who over drive their LEDs will see significantly shorter life times - including reduced MTTF - sometimes less than 1000 hours. It all depends on the actual operating conditions. Don't expect an LED with one plus amps running through it to last a long time without some serious cooling attached.
Henry.