How durable is asphalt pavement?

No doubt in durability, if proper drain for water is provided.

Exactly as mentioned - properly designed asphalt mix and properly laid down will serve better and will have an advantage over concrete pavement - do not under estimate the word properly here as improper happens to be widely spread.

To develop a durable asphalt mix some agents most considered 1-content of bitumen material in mix 2-type of bitumen material. there are deference between hot weather bitumen type and cold type 3-copaction .High degree of compaction lead to high density, stability 4-good design of parts of pavement

In  World concerned with environmentally friendly construction technologies and sustainability, asphalt durability takes on an added significance. Asphalt mixtures are now very technical materials obtained by careful selection of raw materials among which are asphalt binder and aggregate, and then mixed in dedicated computer-controlled plants.

Due to the rising cost of asphalt binders, there is a keen interest in the concept of sustainable asphalt mixtures. However, the environmental aspects are mostly covered by (i) minimizing wastes through the recycling of Reclaimed Asphalt Pavements (RAP) in new production (ii) supplementing the asphalt through the use of other by products such as reclaimed asphalt shingles (RAS), sulfur and recycled motor oil, and (iii) using lower manufacturing temperatures in the manufacturing of the so-called warm or even semi-warm mixtures, thus decreasing CO2 

Well-designed, well-built, and well-maintained asphalt pavements last many years. 

Called the "perpetual pavement," asphalt pavements can last a lifetime because it's possible to maintain them with only periodic replacement of the surface layer. And with the newer heavy-duty surface pavements, it is possible for overlays to last more than 15 to 20 years.

Agreed with expert answer  ----------