I just put in my first few LED lights in my house, and have mixed feelings about them.
I love that they are a much whiter light (or tone accurate if you have a specific color range in mind) then CFLs, but they are simply not bright enough yet.
The great thing about CFLs was that I went through the house and replaced all my 60W bulbs with 100-120W CFL bulbs because they put out much less heat and still used much less power than their old edison equivilants. Long story short, to get the light level I am now use to I would have to purchase oversized, directional, 120W equivilant LED bulbs which are no more power efficient than CFLs (though better light quality), and simply will not fit in my light fixtures.
LED light is awesome for specific use lighting (low light, directional lighting with specific color temperatures), but for general use lighting they simply are not there yet. But they have come a long way in the last 3-5 years, so I think it will be here before we know it.
What ever happened to GE's OLED panel lighting?!?! That was awesome stuff! Make the whole ceiling a single light source! no/minimal shadows, super low power, and many of the light quality advantages of LED.