When CMH first came out in 400 watt the companies called them ConstantColor and ColorMaster because the lights held spectrum so much longer than HID.
Cool I figured, so the first CMH in the budroom got used 5 years and still appeared better than the HID. In fact I liked it so much after 5 years I purchased 4 more M135 ballasts and CMH bulbs.
Holy shit! Not only did I take out the old bulb, I hit it with a hammer*. All the above posters are correct, about half the manufacturer's rated life and the bulb is done.
My sky blue HID is rated 5000 so it gets 2500 hours, at 84 hours/weeks we're talking 30 weeks. More than 6 months but not a lot more.
The CMH gives a good 10,000 hours, a full 2 years.
The cost still doesn't add up unless the initial spectrum is important. I can get a multi-vapor 400 watt for $14 locally. The 400 watt CMH is $121. Yes, the internet is cheaper, but the ratio is still the same. The CMH costs 5 times as much and only lasts 4 times longer. The major difference is multi-vapor has a higher green content.
*I hit it with the hammer carefully, wanted to test the innards and see if enough UVC comes out to sterilize my outdoor shed.