Good to hear such good conversations about LED lighting!
As mentioned before, the LED design is very durable, but the circuitry, soldering jobs usually fail first.
I've been experimenting with LEDs throughout my apartment since 2008. I currently use only LEDs and CFLs.
The lighting technology is getting much much better. I can't post links yet, but just see the difference in lumens between older and newer versions of the C. Crane GeoBulb. (303 for II soft to 460 for III soft) The cost is still somewhat prohibitive, and I don't expect a full ROI, but I feel like I'm 'investing' in this sound technology.
Pros in my mind:
Low wattage, of course
Mercury & Lead free
20-60K hour runtime
No warm up time
Cooler to the touch
Usually 1-3 year warranty
Cons
High failure rate on certain models
Very few porch/outdoor rated lights
Lack of omnidirectional lighting (getting better, though)
If a burglar ever visits me...and somehow knows the value of my light bulbs, I might be in trouble. ;-)
The bulbs I most like come from C. Crane--GeoBulb; EarthLED--Zetalux, designolux, evolux.
Light engine technology is much better than just panels of multiple LEDs, IMO.
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