Here's an interesting overview of the cost-saving promise of LED lighting in the New York Times: Green Promise Seen in Switch to LED Lighting.
The technology is on a very fast learning curve, becoming more efficient and less costly every year. LED light bulbs have even found a home in Buckingham Palace; "...the palace has installed the lighting in chandeliers and on the exterior, where illuminating the entire facade uses less electricity than running an electric teakettle."
The article also points out how useful LEDs are in outdoor settings, from street lights (like the ones pictured in Ann Arbor, Michigan) to porch and driveway lighting. "Because the light from LEDs can be modulated, in Ann Arbor they have been programmed to perform various useful tricks — to become brighter when someone walks under a light or to flicker outside of a home to guide paramedics to an emergency."
And a nice benefit for home use on porches or patios, LEDs emit no ultraviolet light, so they won't attract night-time bugs! Where are you on LEDs? Are you ready to make the switch? (Photo thanks to the New York Times.)