The LED itself may have a theoretical life of 50K hrs but what about the practical life of the supporting electronics? Early CFL's were marketed (at $14.95 each) with claims of 10K hrs life. They went poof after just a few low voltage events due to poor protection circuits. Even modern CFL's rarely last 1000 hrs here.
I started putting LED indicator lights in machine controls because I got tired of burnt out bulbs. Now I have to replace complete indicators instead of just the bulbs.
CFL's are down to $1.50 each. I'll stick with them until the LED price drops one decimal place and I see evidence that LED's last at least 10% of their claimed life.
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