Good lord. I've been through sets of discs and pads in 6000 miles. 50000 is a *lot* of miles.
For what it's worth, the manufacturers publish minimum thicknesses for brake discs, and for the average vented disc they allow 1mm of wear per side – ie, a 20mm thick disc can wear to 18mm. On solid disks you sometimes get 4mm. So if you can operate a pair of calipers, you can check out what the garage is saying yourself. Same goes for pads.
Now, worn discs have two effects – less mass, so there's less to dump heat into, therefore your brakes get hotter, the pads wear faster, and they stop working sooner (ie after a few uses of the brakes on a series of bends, or during an emergency stop on the motorway – the pads start burning up, and they stop working. See the bloke who died in a Lexus). The second effect is that the increased heat cycling and force on less metal eventually leads to cracks. Cracks eventually lead to disintegration – one will inevitably go before the other, possibly resulting in a spin. Another place you do not want to go.
So the executive summary is: A 1.5mm lip suggests the disks are way past it. The results of not changing them can be catastrophic brake failure. Catastrophic brake failure can lead to death. Change the brake fluid whilst it's all being done too, as not changing that can also lead to brake failure.