Ultimately, the lifetime of a PSU is about the earliest failure point. What part fails first depends on the AC line it is subjected to, how fit it is for it's rated load, how competent the designers where, how much trust was prudent to give the discrete component suppliers.
Put another way, you can pay $60 for a PSU and it might only last a year, or might last a decade. With careful attention to all details you can have quite long life. For example, a Delta 250W PSU in my fileserver has ran 24/7 for over 12 years and shows no signs of problems.
Ultimately, one of four things kills a PSU first:
1) AC power surges. If you have enough to be concerned about, a good, not just consumer $10 surge protector or even better, a line conditioner, is a good idea.
2) Poor quality capacitors that have either unstable electrolyte that gasses as it decomposes, or have too high an ESR so their self-heating causes premature failure.
3) Bad design that assumes people who buy a psu won't ever subject it to it's max rating for more than a moment. Keep it running like that for gaming or whatever and it stresses it too much.
4) Crap fans. I shake my head in disbelief when some try to imply low noise, a small difference is so paramount that fan lifespan isn't more important when the difference can be 2 years versus 12 years. If your PSU fan isn't a fan manufacturer (versus a PC manufacturer brand that doesn't actually make fans) brand, and/or if it isn't dual ball bearing, this choice alone will usually cut in half the lifespan of a PSU before maintenance (fan relubing) or replacement is needed.
It depends on the person, some are ok with monitoring and reacting on a moment's notice, especially if the fan has motherboard/software feedback about failures unlike most PSU. Others want to set it up the best way they can and not have to monitor it, even if that means the noise level is a little higher.
I am in the latter camp for PSU, but in the former for case rear fans. YMMV. I meant for desktop systems where a certain constraint on noise level is prudent, anything where noise isn't critical is a case where I would consider it insane not to use high quality dual ball bearing fans.
Having written that, I inspect and swap out questionable caps and fans before use! It seems excessive to some and it started to seem so to me too, but over time I realized how important it was as evidenced by such a great reduction in failure rate over stock parts until you spend an arm and a leg to have someone else do it for you when you buy a premium (cost) brand and model PSU.