Actually, from what I remember, it's:
10,000 hours for a Luxeon I,
20,000 hours for a Luxeon III,
50,000 hours for a Cree XR-E,
60,000 hours for a Luxeon K2,
and 100,000 hours for 5mm l.e.d.s (and usually only the colored ones last that long. The white ones suffer from phosphor degradation and don't last much longer than 10,000 hours, especially if overdriven or with poor heatsinking).
The stated lifetime for some of these l.e.d.s isn't until they totally die but when they loose a certain level of brightness and efficiency (lumen maintenance). For the Cree XR-E, it still produces 70% lumen maintenance at 50,000 hours (only a loss of 30% of the brightness and efficiency).
For flashlights, if you have a well built light, it doesn't matter if it lasts 50,000 hours or 100,000 hours. Other parts of the light will likely fail before the l.e.d. does (the switch, the regulator circuit, the user interface, battery contacts wearing out, etc.). It will also probably be replaced by a more efficient light long before it stops functioning as well.