The electronics are subject to death by moisture or excess heat. LOPO seemed to the the "best-in-class" because of their combination of built-in heat sink (with the alumimun housing) and their approach to "potting-in" sealing of the electronic components. The failures that I've heard with other bow lights have have been much more frequent. I'm surprised by the cited experiences with LOPO that have been related here.

LED lighting is really an emerging technology. It's tough enough in interior applications in climate controlled conditions and stabilized power situations to get consistent and reliable integrated components and results. In situations like out (sometimes submerged or heavily doched) bowlights, it is just a challenge that apparently still hasn't been sorted-out.

The coventional Aquasignal Series 40 bowlights on our J/Boat have done pretty well for 12 seasons. I had to replace one of the bowlights because the entrance wires (on the rear) of the unit allowed saltwater to corrode the light socket. After carefully potting that in silicone and making sure that the light socket was protected with WD-40, we haven't had any problems for the last five years. That includes two-1,200 nautical mile cruises up and back to Maine from Annapolis.
If you don't have a battery issue, then I think that changing out your Nav Lights is really more emotional than necessary. (That's why I haven't done it.) However, when I look at the LOPO lights, I get this craving for elegant objects that has led me astray in the past :^). ... So far, I've resisted my urges.