I know I am taking this off topic, but I could not resist...
<This is mostly about industrial sensors, but applies to any optical sensor>
While LED's do last 100,000 hours or more their output intensity falls over this time period to a point where they are no longer usable. Although the photo-diode/photo-transistor in the receivers can/will degrade over time (more likely chemical or mechanical damage to the housing though), when you install a new receiver only it works as there is no damage to the housing, even though the LED is weak. The least little bit of housing damage and the weak LED is no longer sufficient to drive the receiver. You wind up having to replace receivers a lot as the transmitters are weak. It's been my experience that they are best replaced in pairs. YMMV...
These parts can also be temperature dependent. That's part of the reason why LHR recommends a minimum environmental temperature for the machine. Dollars to donuts we see more board sensor related problems this winter