We've been hearing about LED bulbs for too long to believe that now, finally, they're just around the corner.
It depends on the application you're looking at. Flashlights are improving magnificently with the introduction of LED bulbs. Heat, battery drain, and illumination are all improved.
You can buy them right now from any number of websites. The sticking point is cost - about $100 per bulb. If the money that Philips is devoting to R&D can reduce the price to a reasonable level, they have a good shot at replacing compact fluorescents.
They're pretty big in automotive lighting.
Apostrophe-s is rarely a plural! I wish I had a downvote.