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Just as compact fluorescent light bulbs have all but fully replaced incandescent lights in nearly every application, LEDs are on their way in. In much the same fashion, LEDs are plagued by high initial prices that are taking time to come down.

Even with the high price of LEDs, their advantages are many. One common complain about compact fluorescents is the ramp-up time to full brightness. Even instant-on CFLs have a ramp-up time; they start at a relatively low lumen count and then steadily get brighter until they've reached maximum lumens.

With the instant full intensity of LEDs, they are great for rooms/applications where cycling is a factor (turning on and off frequently). Repeated power cycling does not harm or hinder LED light bulbs. On a similar note, LEDs can also be dimmed as normal, albeit by slightly different means; a pulse-width modulator or lowering the forward current.

LEDs have a "slow failure", that is their failure is a gradual dimming with a stop at the end. Incandescent bulbs have a direct failure that can easily result in bulb explosions if not carefully handled during removal.

LED size can be misleading considering the tiny size of the bulbs and their incredible life span, which is estimated at 35,000 to 50000 hours. If you use the LED light bulbs in the right places (away from extreme heat), they should attain the aforementioned life spans.

I've seen LED lamps in use to replace flood lights in a basement. They didn't provide the same amount of light as I would have wanted, but they must have been an equivalently lower wattage than the incandescent had been.

I think that with all the advantages of LED light bulbs, once the prices start coming down we'll see them used a lot more in homes and business. They're already being used in the streets with LED traffic lights, although that has raised issues of its own. Nonetheless, I look forward to using them in my home. Some of my favorite things about CFLs are the various color temperatures you can get to customize as you see fit.