No, but based on past experience, you say, "we think the mortality curve has this distribution, with this mean, and these parameters". Then you use observations to confirm or deny that hypothesis.
This is essentially correct, but we are confusing MTBF which involves outright failures with "Lumen Maintenance" which involves the gradual loss of output.
Both are tested by subjecting a large lot of samples to what is called "accelerated life testing", where we run the samples under conditions calculated to speed up both the degradation [Lumen Maintenance] and failure mechanism [MTBF]. MTBF can be something like 1 outright device failure per 100,000 to 500,000 hours of operation at full power, and Lumen Maintenance on the order of 70% [30% loss] after 50,000 hours at full output. As a few folks have already noted, these numbers are HUGELY influenced by drive levels and temperature.
Understanding HOW the degradation and failure curves are influenced by drive and temperature is what make this "accelerated life testing" work.
Earlier comments that this is done by only running at MAX spec are simply incorrect, "accelerated life" type tests always involve running the device outside it's normally specified range in a way calculated to accelerate the failures in a statistically useful way that will give meaningful data about the long term performance of the part.
In order for this to work, we must first take the time to develop a model (based on both theoretical observations AND real world measurements) about how raising the drive and temperature should effect the "MTBF" and "Lumen Maintenance" of the LED.
10 years ago the models had to be mostly on the theoretical side, but as large numbers of the devices built back then have been subject to real world conditions and are reaching 'end of life' we can fill in the blanks, and greatly improve the accuracy of the model.
Here is the current Phillips Lumiled model for the K2's Lumen Maintenance from their web page:
This chart plots the lower bounds for both the B50 [50% outright failure] and L70 [70 % Lumen Maintenance] for the K2 and Rebels. Notice that to keep the Lifetime resonable at higher currents, the junction temperature must be kept lower. Unfortunatly this is the opposite of what happens in real life situations, where junction temperature goes UP at higher current levels. This means that to safely run higher current, without greatly reducing the life, you need a MUCH larger heatsink (perhaps four times larger to double the current). This image should be cause for concern for those who plan to run the little Rebels at 1 to 1.5 amps of current (but then again, some still like incandescent lights that use bulbs with ratings in the TENS of hours).
For more accurate info on the new Rebel, you can grab the full PDF doc for the Rebel's reliability data:
http://www.luxeon.com/pdfs/RD07.pdf
From what I have seen MTBF data (outright failures) have been, if anything, on the conservative side right from the beginning for the high power Luxeons, but for the early "Lumen Maintenance" projections they were 'shooting in the dark' a little bit, by basing them on mostly theoretical models, but now, with more than 10 years of data and experience with high output white LED's, the industry is getting better at projecting long term performance.