It all depends on proper cooling people!
Assuming the equilibrium temperature is in the "safe" range, they should last for 10s of thousands of hours at up to 1.4 amps.
So this does not mean you can simply turn up the power on your handheld without problems. I've got a pretty small CR123 build and even though its a Ehgemus host with good heat-sinking I limit the duty cycle to about 1 minute because after that it gets pretty warm, and that's only at 800mA. If the outside of the host is warm than the diode is hot. Then the heatsink is saturated with heat and thermal conduction from the diode to metal slows down to the rate of the thermal transfer from the metal to the air. In other words, when the heatsink is cold, it will draw the heat out of the diode even if the heatsink gets no ventilation. Once the heatsink and diode are at about the same temperature then the diode will really start to pick up heat unless the heatsink can get cooled by convection.
They're only gonna last at >1amp currents if you can keep them cool.
-Tony