From the FAQs here:
How Long do LEDs Last?
Many people ask how long do LEDs last. Under ideal conditions LEDs are rated for 50,000 hours. Thats about six years of continuous use. Of course in an under cabinet or other home lighting installations, it can be longer.
One thing to note is that this rating is whats considered a half life. So after this amount of time, they will dimm but not turn off completely. Again, these ratings are under ideal conditions. If the LEDs are exposed to harsh conditions or are run hot (more than 12 volts DC) then lifespan can change.
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