Concerning the raids: just to get some rust out we ran all of them, consecutively, in one evening. Just a hair over three hours, on hard mode, doing the challenges in Kings fall and WotM.
The one we had the most fun with, and are looking forward to the most is the vault of glass.
As to ongoing support, my guess is well get one, maybe two years of continued play before they start shutting down the servers for it. May even be sooner if people don't populate destiny often enough.
I see a five year overall lifetime more believable, but it all really comes down to how server structure and support changes in destiny two. If it doesn't change, then the original destiny could see continued online capabilities for the lifetime of destiny 2. It also depends on how their server space is designed for scalability. If it can run at a low number of instances and ramp up quickly for high traffic and then scale back down easily, I see long term support.