Comparing theoretical efficiency of new design for incandescent lighting with commercially available LEDs does not make senseYes. They say they are currently at 6% efficiency, which is better than the worst CFL's and LED's, but far from matching the best.
as theoretical efficiency of white LEDs is also around 40%
Yes, although one should probably include the power supply. I think the advantage of the incandescent approach is that there are no losses here.
I'll consider incandescents once the efficiency of commercially available ones reaches the efficiency of commercially available leds.
Sure, sounds wise. Light quality and longevity might be factors too.
But what does this have to do with the claim that the article says "LEDs are only twice as efficient as traditional bulbs"? The article can be read as claiming that the worst commercially available LED's are about 2x the efficiency of the best incandescents, and perhaps this is false, but I don't see this as reason to discount the rest of the details.
Here's earlier discussion of this approach, which includes a link to the actual paper: https://news.ycombinator.com/item?id=11771001