It will not be serviced. When it runs out of fuel or there's a problem, it's End of Mission.
Because Webb, like virtually every satellite ever constructed, will not be serviceable it employs an extensive seven year integration and test program to exercise the system and uncover any issues prior to launch so they might be remedied. Unlike Hubble, which orbits roughly 350 miles above the surface of Earth and was therefore accessible by the Space Shuttle, Webb will orbit the second Lagrange point (L2), which is roughly 1,000,000 miles from Earth. There is currently no servicing capability that can be used for missions orbiting L2, and therefore the Webb mission design does not rely upon a servicing option.
They tried to increase reliability of the mechanical components:
The gyroscopes on HST and Chandra are mechanical devices dependent on bearings for their function, and they face problems typical of such designs. Webb has adopted a different gyroscope technology. The "Hemispherical Resonator Gyroscope" (HRG) uses a quartz hemisphere vibrating at its resonant frequency to sense the inertial rate. The hemisphere is made to resonate in a vacuum, and the hemisphere's rate of motion is sensed by the interaction between the hemisphere and separate sensing electrodes on the HRG housing. The result is an extremely reliable package with no flexible leads and no bearings. The internal HRG operating environment is a vacuum, thus once the gyroscope is in space any housing leaks would actually improve performance. The HRG eliminates the bearing wear-out failure mode, leaving only random failure and radiation susceptibility of the electronics (which all such devices share, and which can be mitigated by screening and shielding). Stress analyses of HRGs show this design has a "mean time before failure" of 10 million hours. As of June 2011, this type of device had accumulated more than 18 million hours of continuous operation in space on more than 125 spacecraft without a single failure.
