An LED light source contains quite a lot of components (since it will normally have its own built-in voltage converter). As all modern solid-state devices, it has a long life-time, but with this number of components, it no longer makes sense to state an absolute life-span. Instead, the proper information would be MTBF (Mean Time Between Failure). Unfortunately, this is a little difficult to understand for lay-people.
With an MTBF of, say 10,000 hours, a device can be expected to fail at any time between 10 minutes and virtually never. The failures of a large number of devices will show a normal distribution around 10,000 hours, however.
Obviously, no company in their right mind will offer a warranty anywhere near the MTBF value, as this would mean that about half the devices would fail under warranty.
Since we started this thread, the availability of LED lamps have been greatly extended, and you can now buy replacements for most older incadescent bulbs. The prices are still fairly high, but considering the power saveing and the far longer lifetime, they are really quite reasonable.
In my home, I am phasing out nearly all my incadescents, and the flouroscents are going to follow.
Hans