Long-term Equity Anticipation Products (LEAPS) are options that don't expire for at least 9 months and can have expiration 2 or 3 years out. Once an option's expiration gets closer than 9 months, they become plain options again with an entirely new ticker symbol. Be this as it may, LEAPS are in every way an option. Their expirations are a long way off and that makes them prime candidates for long-term plays and secure bets for shorter-term trades.
For traders with a traditional buy and hold orientation, options usually carry with them the stigma of being short-term trading tools with tax consequences. LEAPS, by the very nature of their long-term expiration dates, help to overcome this stigma. It isn't unusual for LEAPS traders to hold a position for more than a year. Plus, LEAPS have the added benefit of giving a trader significantly more time to be right about a market move.

Article via http://www.optionetics.com