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The nice thing is we can expect the efficiency of LEDs to go up. LED manufactures make LEDs using obsolete equipment from the computer chip market because they can get it cheap. As the geometries shrink they can increase the efficiency some more. Also look for the price to drop when they get equipment that allows them to go from 6 inch wafers to 12 inch wafers of silicon.
We had a vendor come in with a LED less than 5mm square it was blindingly bright. The demo board had a nice warning sticker on it too.
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