I was on our HOA board when we converted the building lighting to LEDs, and have converted most lighting in our own home as well.
The rated lifetime of LED lights is based on how long they retain 80% of their rated brighness. It is not usually MTBF. While we bought industrial LED fixtures (or upgrades) for stairwells, garage and exterior floods, we used consumer bulbs in the hallways since otherwise we would have had to replace fixtures. The hallway bulbs are on all the time. Some fail quickly (in a few months) and it's usually the "power supply" that appears to have failed, not the LEDs them selves. Many more have soldiered on for far more than their advertised lifetime of 25000 hours (the most common lifetime rating for consumer LED bulbs). 25000 hours is 2.85 years of continuous use, and we have some bulbs that have been on for over 5 years.