That isn't how it works...
Elucidate, then.
Traditional LED lifetimes are given as total operation to half brightness output. If you have your LED rated at 10,000 hours (or what have you) and you dutifully burn through a bazillion batteries and run that silly thing for 416 and two thirds days straight, the LED will still be trucking but will have degraded through galvanic erosion of its doping material to emitting half of the photons it used to.
Things get hairier as you stray from your LED die's maximum voltage, which in and of itself is variable depending on how well the die is cooled.
The harder you overdrive an LED the more heat its die generates and the more electrons have to pass through it. This results in two things: Foremost, the heat discolors and degrades the phosphor (in the case of white LED's) much faster than usual. Secondly, the heat and increased electron population increases the rate of galvanic corrosion happening in that die. The more you overdrive, the shorter your LED's lifespan gets.
The Luxeon V die is not significantly dissimilar to the 3 watt die. The difference between the OEM Luxeon V's and the 3 watt models is beefier cooling and an overdriven-by-design philosophy. Initially the Luxeon V was only offered in the usual smattering of high-voltage LED colors (aqua, blue, green) and the white V's are a relatively recent creation. There's a reason for this: They cook phosphor layers very quickly indeed.
Every lifetime quote I've stumbled across (admittedly, I haven't looked that hard) for the
white Luxeon V's lifetime-to-failure at 500 hours -
not half-life. 500 hours, toast. Or at the very least, 500 hours turned largely blue/UV and therefore useless as a flashlight.
Not including the marketers who see "LED" and just fib and parrot back the canned "it lasts 100,000 hours!" line, which is a lie for most applications of high wattage LED's (10,000 is more like it).