That is (unfortunately) one of the reef myths. The colour shift is apparent, because the intensities of the bluer frequencies descrease more rapidly than the intensities of the yellow and red frequencies. However, NO INTENSITIES AT ANY WAVELENGTHS INCREASE. Therefore there will not be enhanced algae growth. The appearance (to the human eye) will, however, be less desirable.
Effective lamp life depends a lot upon the frequency range of the bulb. Bulbs with higher apparent colour temperatures (for example, 20k bulbs) will need to be replaced more often in order to maintain tank appearance than bulbs with lower apparent colour temperatures (6.5k bulbs).