I am a convert to LED lighting. Previously, LEDs meant about 6000K which is far too blue for me so I went for 2700K 'warm' white. They're fine but not brilliant. However, the recently available 'natural' whites of around 4000K are perfect, and those are what I kit the place with either with new fittings or to replace filament/flouros.
There are two issue with lifetime: first is complete failure, which we've had but not often enough to put us off. The one light (a T8 replacement) I did take apart turned out to be the electronics, and feeding the LEDs from a CC supply repurposed it.
The other factor is, literally, wearing out. As LEDs age they get dimmer, and once they get down to about 80% you notice. We have several fittings where the lights are not as bright as they were, and although they are still good I can see the time when they'll need to be replaced even though they still work. BTW, that applies to pretty much all lights, but the CCFL seem to be particularly bad. We won't touch those with a bargepole now, and replaced all of them as soon as LEDs became affordable.