I had replaced several standard light bulbs in my house with LEDs. Cost wise, LEDs don't have a huge benefit over CFLs. They often do cost less over the lifetime of the bulb, but we're talking a few bucks. For example, I estimate a CREE 9.5 watt LED light would cost about $31.11 in electricity over its lifetime, versus $42.58 for a 13 watt CFL. That's a $11.46 savings, but considering the bulbs cost about $8-9 more than the CFLs, it would take you a long time to recoup that cost. Their costs are continuing to come down dramatically though and that may make them more attractive in more cases.
They do have several benefits CFLs don't. Of course, they don't have any mercury, so they're safer that way. Many are dimmable, so if dimming is important to you, you can actually save a lot more in electricity than CFLs if you actually dim them. They are far, far, far more durable if you need to switch them on and off frequently. We've had CFL bulbs that were rated for 10,000 hours only to die after about a year of use (roughly 1,000 hours or so) simply because they were frequently turned on and off. CFLs just aren't designed for that. LEDs on the other hand are designed to be switched on and off very frequently, thousands of times a second. Of course you're not going to do that, but still, if you're frequently turning on and off the entrance hallway, you won't have to replace that expensive CFL so often if you use an LED bulb.
And if you either have to change a bulb frequently or it's exceeding difficult to replace (in a high ceiling, for example), their 25,000 hour life can make them an attractive. That's 22.8 years at an average of 3 hours a day, but if you have them on all night, that's 5.7 years at 12 hours a day. Note that is the mean time they'll fail. As LEDs will fade in luminosity over time, "failure" is considered to be when they'll reach 70% of their original brightness. They will continue to work, but dimmer than their original spec.
There's quite a number of 40 and 60 watt replacement LED bulbs. There are some 75 watt and one or two 100 watt LED replacement bulbs too, but they are even more on the expensive side. But like the 60 watt versions, those are coming down in price as well.
In addition, LEDs are instantly (or at least almost instantly) on and instantly at full brightness. Many CFLs have vastly improved in this respect, but it still can be annoying. Some LEDs do have a short pause before turning on, anywhere from a small fraction to a full second. Most of the time it doesn't make a huge difference. Once they're on, they're fully bright.
I only reviewed "soft" light LED bulbs, either 2700K ("soft" white) or 3000K ("warm" white). These colors are the closest to your traditional incandescent bulb. Note that a lot of manufacturers make "cool" or "daylight" bulbs that are 4000-6000K. Those bulbs are the most efficient as they come close to a more "pure" white, but a lot of people don't like the color, outside of a bright work station.
Here's a few of my favorite bulbs, and a few that I either didn't like or wouldn't buy again.
CREE 60W Equivalent Soft White (2700K) A19 Dimmable LED Light Bulb
Joe says: Run and get these!
This is by far my favorite. It's pretty much a drop-in replacement for most light bulbs. It has a round shape that a lamp shade can easily rest on. It has no hum, and dims down quite well (probably about 20-25%). We noticed no hum when dimmed, even using a non-LED (but fairly modern) dimmer. At 9.5 watts for 800 lumens, it's one of the most efficient LED bulbs out there. I've had really good results with the down light. (Many LEDs have a large base that cast a shadow underneath it.) They make 40, 75 and 100 watt versions as well. Home Depot just dropped their price on the 60-watt replacement version to $9.97, $15.97 for the 75-watt replacement version. They also just introduced a 100-watt version for $19.97, but it's not yet widely available. It's hard to find a bulb that cheap that works this well.
The only thing I didn't like on it was that you can actually see the LEDs in it. The bulb is frosted, but not terribly so. Frosted glass does absorb some of the light, so I'm sure this was to make the bulb more efficient at the tradeoff of an aesthetic. It's no big deal if you have it under a lamp shade or in a frosted glass. Also, there is a very noticeable dark spot on the top of the bulb. Not a big deal, but slightly annoying.
It's rated at 2700K for color, but it's slightly "cool"er than that. CREE does make a softer "TW" (true white) version, but at 13.5 watts, it's far less efficient, but not that much softer white. I wouldn't recommend that again. For a softer version, check out the Feit one I review below.
Ikea's LEDARE LED bulb E26, globe opal
Joe says: Softest light, least expensive, but not so bright.
This is actually a bulb I didn't want to like at first. For one thing, it's not the most efficient. It's 10 watts for only 600 lumens, about 25% dimmer than your standard 60 watt, even though it's advertised as such. When dimmed, I did notice a slightest hum, but you practically have to have your ear next to it to hear it. It only dims down to about 40%.
But I came to love the light. It's by far the softest light of any of them I've tested. The brightness isn't an issue of where I used it. I use in in my nightstand, and I put a dimmer on it. And it's only $7.49, so it's really inexpensive. They also make a 400 lumen version (roughly a 40 watt equivalent) that's not dimmable for only $4.49 and uses only 6.3 watts. It has the same fantastic light.
Philips SlimStyle 60W Equivalent Soft White (2700K) A19 Dimmable LED Light Bulb
Joe says: Hold off on these, for the most part.
I really wanted to like this one. Philips has made some really awesome quality LED bulbs, although you pay more for such quality. I got the impression this one was an attempt to make a more inexpensive bulb and resolve some of the issues with other LED bulbs. For one, you'll note its odd shape. The reasoning was that instead of placing the LEDs in a horizontal circle outward, they would put it in a vertical circle. That would eliminate much of the problems with downward light. Plus, by placing the LEDs far from the electronics (a big source of heat), it would ameliorate the need for a large (and expensive) heat sink. Its shape is also great for more slender units, so the light near the glass isn't exceptionally brighter than towards the outside. And at 10.5 watts, it's one of the more efficient bulbs out there. And at $9.97, pretty inexpensive.
I really liked the light. It was other things I had an issue with. First off, there is a real noticeable hum to it. It's memorable of some CFLs. And of course if your light needs multiple bulbs, that hum increases by a multiple of those bulbs. It's not terribly loud. But it is terribly annoying. I put four of them in a friend's bathroom, and even a few feet away, it's real noticeable when you turn it on and off. A couple attempts at dimming them even made it noisier. (Luckily I didn't need dimming for this application.)
I eagerly await an improvement of this one. When a newer version sans the hum comes out, I will gladly replace these with them and relegate the old ones to a place where individually the buzz won't be such a bother.
Feit Electric 13.5W Dimmable A19 Household LED Light Bulbs
Joe says: Soft light, bright, great dimming, but not so efficient
They were $10.97 at our local Costco, and some places subsidize them down to $8. I love the light on them. They're probably somewhere between the CREE and the IKEA bulbs in the softness scale. They dim fairly well, but we noticed a very quiet hum when they do. (It could just be the dimmer we had them on.) They do dim down to about 20% and have a similar dimming profile to incandescents.
They have a couple drawbacks. For one, there is a rather noticeable shadow cast below it. It doesn't project down very well. Nor does it project up all that well either. Also, this was by far the heaviest standard bulb I reviewed. The package says 9.6 ounces, compared to 4-5 ounces for the others. It's odd shape might not work so well either. And at 13.5 watts, it's one of the least efficient as well. (By comparison, most 60 watt replacement CFL bulbs are 13 watts.) But if light color and dimming is important to you, this might be a good fit.
Feit Electric 8W Dimmable Decorative Globe LED Light Bulb
Joe says: Bright light, cooler, but great for bathrooms
My local Costco sells 3-packs of these for $19.99, or about $6.66 each. At 500 lumens, they're intended to be a 40-watt bulb replacement. In practice, they're slightly brighter than that. They're more of a cooler light, nameplated at 3000K but probably slightly cooler than that. I've found they work very well in bathrooms, where you like a brighter light, but need multiple bulbs. Since they're LED, they work well in fan fixtures. (LEDs tend to work better in the presence of vibration, like with fans or garage door openers.) They are dimmable. They don't cast their light back very well, but some fixtures that's less of an issue. If you need a brighter light but multiple 40 watt bulbs, this one is a good fit for that.
There were a couple other I wanted to check out but didn't review. Philips has a couple different versions. They tended to be more expensive. I've had good experience with the light on them on an older version, but like I said, I've had just as good an experience with others. (The original ones I tried were subsidized by the local power company.)
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UPDATE (7/28/14):'
The CREE 100 watt version of their A19 bulb (actually A21, somewhat larger than the A19 versions) is now widely available.
Philips SlimStyle 60W Equivalent are now $8.97 at Home Depot.
The IKEA 400 and 600 lumen bulbs are now both $4.49. A steal!
Costco's FEIT 800 lumen bulbs are now widely available at $8.97.