There are a few things at play in the degredation of a LED:
1) Die degredation: This is generally a factor of both heat, and also current density (in general how hard you drive the LED), and of course design.
2) Phosphor degredation: On white LEDS, the phosphor does decay over time. Again, a matter of design, heat, how hard you drive the LED.
3) Package degredation : For UV\Blue with the use of Epoxy packaging (in 5 mm), the actual plastic will yellow and cloud over time reducing light output, shifting color, etc.
As has been stated, most 5mm LEDS are not truly 100K hour devices and white 5mm even driven properly decay significantly after 10k hours.
However, even the newer power LEDS from Lumileds, Nichia, Cree, Seoul, et. all will degrade. With the exception of Lumileds, I don't think the other suppliers make their light output degredation properties easy to find (if they officially publish them at all). Sometimes you will see them quote a life time of say 50K hours, but then you see that it is quoted at a die temperature that given typical ambient temperatures and drive currents, you would be unlikely keep the LED die under so what good is a rating like that?
If I remember correctly, the current Luxeon products are rated at their 50K hours (or so) with a die temperature of 90(95?) celsius. (The K2 is claimed to do the same at much higher temperatures.) Even at 90C, it can be tough to develop a heatsink that will work depending on how you are using the LED and where you need to put it. I have yet to see other suppliers claiming (via official literature) lifetimes as high with similar die temperatures, but I would imagine they must all be working towardst this. If anyone has official literature on light output over time and temperature from other suppliers, I would love to see it as it may open up some other product avenues.
Semiman