If an average LED has a useful mean time before failure of 50,000 hours, and 50 of them are tied in series, what is the expected lifespan of the array (assuming that one failure of an LED would bring the whole array down.)
My guess would be that you'd expect on average one failure every 1,000 hours... so the array would not be expected to last longer than 1,000 hours. But can this really be true?
A mean time before failure doesn't tell you enough. You need to know more about the distribution. In particular, it doesn't tell you to expect on average one failure every 1000 hours.
For example, if LEDs all failed between 49,000 and 51,000 hours, and the failures were uniformly distributed over that interval, that would be a mean time before failure of 50,000 hours. But a 50 light string would last at least 49,000 hours.
If a different batch of LEDs were such that half of them failed at 100 hours, and the other half failed at 99,900 hours, that would also be a mean time before failure of 50,000 hours. But you'd expect that a 50 light string would be very unlikely to last more than a hundred hours.
Neither of these distributions are realistic in practice, but the point is that there is more to it than just the mean time to failure. The nature of the distribution plays a big role.
The real life distribution is not likely to be uniform. It's more likely to be some sort of "bathtub curve", with a few early failures in the infant mortality range, a period of time where failures are exceedingly rare, and then a later period where failures become more common due to aging. But it's not safe to make many assumptions about that without more data.