The 100,000 hour life is rated for a 1W Luxeon driven AT SPEC. That's best case scenario and even that may be a bit exagerated. Overdriving it will likely shorten its life, as will poor heat dissipation. By how much exactly is anyone's guess.
With the LS4 and its many brightness levels and modes, your own use pattern may determine how much life. If you use "boost" all the time, esp. until the thermal breaker trips, you may shorten life. If you use it in moon mode all the time, it may have the potential to reach its rated life.
But assuming the worse case, and it dies after 10,000 hours, that works out to 2 hours a day for 13+ years. After that much time, you will have likely lost the light, broken it in some way, or moved on to the brighter more efficient lights that will be available then. No worries.
In contrast, incandescent bulbs have a MUCH shorter life. And impact or shock can make them fail in an instant. LED's don't suffer this drawback (unless they are physically destroyed or severely overdriven/overheated). It's not impossible that an LED will fail prematurely due to defect, but it's unlikely.
BTW, the 5watt white luxeons are rated only 1000 hours, I think.