I hear LEDs have the same problem CFLs do WRT working life expectancy.
Depends on the brand. The cheapo bargain LEDs are junk. The driver circuits are poorly designed, use pathetically bad components, and have mondo problems with heat control (which kills the crappy driver circuit in short order). The good stuff (GE, CREE, and Philips) far outpaces the cheap junk in every respect and are good buys at current prices.
We have tested the Cree and Philips products for durability and light quality. No comparison with regard to the quality between these brands and the cheap stuff. The better products are worth every penny. For durability the Philips "yellow petal" lamps win hands down. Pick one up and you'll see why. Built like a tank. The CREE lamps are aren't nearly as robust due to their use of a rubberized glass globe, but it is more traditional in appearance and is more efficient (9.5w vs the yellow-petal Philips 12.5 w for a 60w incandescent equivalent).
Also, Philips now also has a more traditionally appearing lamp, the 429381. It is on par with the CREE in efficiency and price. My personal impression, based purely on a weigh comparison, is that it is not as physically strong as the previous yellow petal model. However, given the older model's survive-a-nuclear-holocaust construction, saying the new model isn't as strong is kinda like comparing a Mack truck to an F150. Also, IIRC this new lamp is not dimmable, though that may have changed recently. Check current mfg specs to be sure.
Both lamps are available in 2700k incandescent equivalents. A light meter and spectrum analysis shows color temp claims by both manufacturers were accurate on our samples, mimicking incandescent lamps so well that the difference was imperceptible in impromptu tests with passersby.
Ron, go for it. There's no real downside if you get good units. I am slowly converting my house to all-LED as the old incandescent lamps burn out. Lamp prices have dropped radically in the last year and continue to get lower on an almost daily basis, making the switch even more economically appealing.
Brad