I am doing it from the beginning (first 5mm super-bright LEDs) and therefore I have gathered some information what will happend and what will not. I have used these at up to 100mA and many of them have served well... Of course, I have improved heat dissipation capabilities of such abused leds at first...
So, what about high power leds? I don't believe in fast death if higher current is appplied, especially when properly cooled. Few times I accidentally shocked high power led with more than twice current, and nothing goes wrong. Modern power leds have very low thermal resistance, so the cooling is not a problem.
My question is: If I don't need 100000 hours of life, do I have to operate at rated currents? I think I do not. In many applications the led will be used few hours or tens of hours (bicycle light, flashlight, and many else), so 100 or 1000 hours of life is reasonable enough...
I also take in account fast improvement of led technology, who will cry for 1W 20lumen white led today? I will let it go and replace it with 1W 100lumen one!
What is Your opinion and experience?
Thanks...