most of the use i make of the flashlight is to put the device on a object somewhere and let it light the area under it. so it would be nice if the flashlight can be turned on and stays this way for at least 5 minutes or so.
i tested with the htc wizard and it didnt do any harm to it burning for 10 minutes or longer. its just freaking irritating to have to turn it on all the time.
the led wont die of it. actually when you see the bright flash when you take a picture that is the only 2 seconds that it will burn at maximum capacity. the only thing which is hurt by this is the battery running low quicker then normal. also this is not an issue as the phone can draw a lot more energy from the battery then is used most of the time.