Jim made a key point when he said, "In order for an LED assembly to work, it will have to be custom made, reflector and heat sink to work properly. " I'd like to elaborate on this because I see LEDs misrepresented so often.
While incandescent lights radiate heat, LEDs must have the heat conducted away. This is why many replacement bulbs made with LEDs are unimpressively dim. Combine that with a cool (blue) light and hot spots, and it makes for crappy lighting. There simply is not a good conduction path in standard light fixtures to allow for LEDs to work well. The really nice LED lights, that look as good as incandescent bulbs and use 1/3 the power, will have large heat sinks, proper light diffusion, and the proper color. LED lights can be more efficient, longer lasting, and super bright, but most of them aren't. The ones that are, aren't cheap (for now). The efficiency depends on the driving circuit too, so some LED lights may not save as much power as others for a given number of lumens.
While incandescent lights radiate heat, LEDs must have the heat conducted away. This is why many replacement bulbs made with LEDs are unimpressively dim. Combine that with a cool (blue) light and hot spots, and it makes for crappy lighting. There simply is not a good conduction path in standard light fixtures to allow for LEDs to work well. The really nice LED lights, that look as good as incandescent bulbs and use 1/3 the power, will have large heat sinks, proper light diffusion, and the proper color. LED lights can be more efficient, longer lasting, and super bright, but most of them aren't. The ones that are, aren't cheap (for now). The efficiency depends on the driving circuit too, so some LED lights may not save as much power as others for a given number of lumens.