I think there's some debate over "lifespan" vs usable lifespan due to luminescent decay. Even though the LEDs will last for 50,000 hrs, it doesn't necessarily mean you keep using them that long. Just like we replace our MH bulbs at ~6 months, even though the bulb continues to light up...
From what I've read, luminescent decay on LEDs is much slower than regular bulbs, but unfortunately I don't recall the exact decay rate. However, I would tend to agree with the folks that think LEDs should probably be replaced before the 50,000 hour mark, assuming the bulbs have decayed in output by a certain percentage before that time.
Rob