lyndon.
While heat is a major issue, no led is "perfect" the dies have areas that will break down sooner than others, and reduce output even when heat is not a factor, i have a theroy on it that goes further.
but an example of that is AC driven leds off a sine wave that is driven below and above spec in the 60cycles , but it not a heat issue.
Over TIME the leds both 5mm and high power , get dimmer and dimmer as parts of the whole fail to output any light. they still operate, but much of the emitting thing no longer puts out light.
from what i have seen AC driven leds are a total waste of leds, even after i lowered them down quite a bit, the spikes still did thier damage.
one set i tested there was never any reverse voltage, because i dioded one side one way and the other the other way (half wave rectification) but the spikes still keeled it.
i am sure Heat at the tiny jump point DOES still exist indeed, and that might be what damages the jump gates, i am just saying that you cant keep spiking it, as they do decline in output. think molecular
on a eteched and doped surface
the output of a 555 only goes so high though, so with the right voltage and limitations of the 555 , many SYNCED 555s seem like a GREAT way to make a strobe cheap