It depends on the type of LED and how it is driven and what heatsinking it has.
Power LEDs are better. I had some 1 watt bulbs running 24/7 last 3 years before I replaced them with brighter 2 watt Crees. The 1 watt bulbs showed no signs of dimming at that point.
Luxeon Is, Rebels, Cree XR-Es, SSC-P4s, Osrams should last 50,000 hours (~5 years) if driven at 350 mA or less. Many flashlight manufacturers drive these LEDs to 1400 mA and lifetime is shorter.
Luxeon IIIs and Cree XP-Gs should last a similar time if driven at 700 mA or less.