LEDs are a lucrative market right now. It attracts genuine competitors; but also plenty of hacks who are trying to cash in on a popular new product.
You can see the same thing with digital cameras and digital music players. Some of the cheap crap out there is appalling, especially the stuff that mimics existing, successful products.
The lifetime really is the worst part - the "article" (which is nothing more than a reprint of the company press release) emphasizes fixed lighting usage for these - something that you expect more reliability from than a portable lighting solution. At least when Lumileds found that the white Luxeon V had a shortened lifespan, they redirected people to using it in "portable" applications (where a bulb lifespan is already very short). Still not the best, but more honest than what appears to be happening here.
Another thing this brings to light are these so called "trade journals". I'm sure it's the same in every industry, but most of the LED trade journals just seem to be marketing sounding boards for the LED manufacturers. It would be nice to see some actual commentary from experts in the field pointing these things out. Of course, that would likely be detrimental to the journal since any seemingly negative press or comparisons to competitor products would likely result in manufacturers pulling back from those journals. It's just frustrating to see the same article verbatim published across multiple "trade journals" without any commentary or whatnot. Just seems like mindless pass-through advertising. I would expect more from a trade journal.