LED bulbs for garage/shop

BigBlockMopar said
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

The asphalt plant I ran for the better part of 30 years had a feeder tunnel. That's right, underground tunnel. Old rail tank cars welded together end to end with 400' of conveyer and little conveyors above it to feed the aggregate. It has to be lit? Right? As compact flourecents became available I replaced the old incandesents and I took my handy soap stone and on the wall of the tunnel wrote the date I did so. 24/7 they were on. There were bulbs in there that were 15 years old. New boss gets bright idea to replace them with LEDS. All they did was project a very bright spot on the wall on the far side of the tunnel, doing nothing for the work space. Glad I saved the floresents.