As said above, mostly greater efficiency, lower heat generation, and longer bulb life.
Plus, you don't need a reflector.
As to the bulb life, amazon has fugeray listed at ~40,000 hours. thats something like over 4 years, constantly on.
A typical light cycle will probably extend that to something in the range of 8-12 years useful lifetime, but a lot of that depends on how well the led's are cooled, and whether they are under or overpowered, etc.