LED bulbs for garage/shop

What an enlightening topic in these dark days before Christmas! :)

I've been eyeballing LED lighting for awhile now but can't seem to shake the feeling the current prices are just the 'early stages' of the market and most manufacturers just try to 'grab' what market will bear.
I think, just like 20-30 years ago with computers/hardware, 5+ years from now LED prices will have come down to more sane levels.

Anything known first hand about what the realworld lifespan of these (quality) LED lamps is?
Compared to a 'regular' lamp which can last 5-10 years easily, the costs for LEDs are a bit insane still.
I know LEDs 'should' be able to last just as long or longer, my (little) experience of consumer LEDS tells me otherwise. Or are these the typical China-made LEC* lamps that crap out 3 months after they're unboxed?

*Light Emitting Crap