Forbes magazine lays out all the reasons why LED lighting may be here sooner than you think. While the current push is on for Compact Flourescent Lights (CFLs), the current state of LED lights provide much greater efficiency and durability, and don’t contain any mercury. While LEDs are now way too expensive for consumer use, Forbes sees costs dropping quickly. LEDs also don’t have a warmup period like most CFLs (which is my pet peeve about CFLs and why I’ve only switched some of my lights over to CFLs). One of the perceived disadvantages of LED lights is the quality of the light compared to incandescents, but companies are now starting to produce LEDs that have better light quality than CFLs.
You can read all about it here