Individual LEDs are considerably more efficient; however, the lamp or fixture design is reduced by the driver and electronics. In addition, LEDs do not produce heat like incandescent bulbs.
LEDs last considerably longer than incandescent or fluorescent lighting. LEDs don't typically burn out like traditional lighting, but rather gradually decrease in light output. Their "useful life" is defined by the Alliance for Solid-State Illumination Systems and Technologies (ASSIST) as the time it takes until 70% of initial light output is reached, often 50,000 hours. They are resistant to thermal and vibrational shocks and perform well when subjected to frequent on-off cycling.