LEDs everywhere, but has their time really come?

By now, plenty of us have read the NY Times' lengthy examination of the future of Light Emitting Diodes as low-consumption replacements for incandescent and fluorescent lighting. The article from last Monday's paper cites a number of indicators, from the famed New Year's Eve Ball in Times Square (pictured) to more pedestrian applications like factory and home lighting.
US fast food chain Chipotle has announced that it's currently installing all LED lighting in its new Minneapolis store, and a spokesman "expects LEDs to be in the overwhelming majority of new restaurants next year." In Detroit, a local bar uses LEDs and claims to light the entire place with the equivalent consumption of two incandescent bulbs (which they quote at "130kW" -- my physics is a little rusty, but I think "130W" might be more correct).
LEDs are enormously appealing to designers for lots of reasons: the aforementioned efficiency, of course, but also their amazing flexibility and longevity.
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