This point about the 5W or rather, LuxV, LEDs has always seemed to come as a shock to newbies. I suppose it's because the 5mm LEDs have always been advertised as having 100,000 hrs service life.
Heaps of information available for the price of a search, but for your convenience...
Yes, white LuxV have a service life of 500hrs. (The monochromatic LuxV have service lives similar to any other LED). This means that on average your white LuxV will be half as bright at 500hrs as when it was new. This is due to the heat created by the package. Heat is bad for the phosphor that produces the "white" light, and the LuxV package produces copious amounts due to the close spacing of what is basically 4 of the 1W dies. I'm sure if you could spread out the 4 dies, they would last as long as the normal LuxI.
So anyone using LuxV in the flashlight will be subject to this service life, even Surefire. Much worse will be those that aren't able to dissipate the heat well.
BTW, the way most 5mm LEDs are driven, i.e., directly from 3 1.5V cells with no current limiting resistor, or over-powered, or with high peak voltage pulses, their service life will not reach 100,000hrs either.
And another point that quite a few CPFers will claim is that 500hrs is actually quite a long time for handheld flashlights. They will talk about having to go through X number of CR123, being equivalent to Y amount of money, etc.
That is acceptable from one perspective, but totally beside the point from another. 500hrs is 500hrs, and depending on your style of use, you could chew through that quite quickly. And you won't feel the pinch on your hip pocket if you are running rechargeables.