I've had a LED flashlight. They last forever. The biggest issue that I've had with LED lights is that the range is very short (they don't focus). But the increase in lifespan is phenomenal. When I was on submarines I used to change out my Maglite once or twice a week. My LED light would typically last a month or more. And then add in the fact that you don't need replacement bulbs.
I haven't used LED lights for home use, but I do use florescent bulbs (I've changed out all of my light bulbs). I did it primarily for safety issues. I have no real issues with them other than the fact that it is difficult to operate a solar powered calculator with them. I've run them for about 1 year and I haven't changed out a bulb. They're rated for 5 years so I certainly don't expect to have issues anytime soon.
One year at 12 hours a day is all I have come to expect.