when they are switched on - much over their limit and they stop funtioning with a nice 'pop' and a puff of smoke.
siwtched off is much less of a risk, but they will degrade over time.
active cooling is a bad idea - defeats the purpose of them being more efficient by needing to use power to keep them cool
passive cooling is the go - basically thermally bond them to
a ruddy great piece of aluminium.
The commercial LED bulb replacements use this method - they are around the 10-15 watt mark which leaves plenty of room for heat dissipation
for the same size as an old incandescent. They are roughly 4 times as efficient- so equivalent to a 40-60 watt globe.
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