kinda, but you're also not buying a mini space heater.
Average lifespan of an incandescent bulb is about 1,000 hours. For a typical 60 watt bulb, that means it burns 60 kWh in electricity over the course of it's life. At $0.20/kWh, that means an incandescent is going to cost you $12 in electricity over its lifetime.
A Philips Ulta-Definition 4-pack of 60W-equivalent is $11.53 on amazon today, or $2.88 / bulb. That $3 bulb is actually 8W. So over those same 1,000 hours, that's 8 kWh, or $1.6 in electricity costs. So the $3 bulb saves you $10 in lifetime electricity costs vs. one incandescent.
But those bulbs are rated for 15,000 hours. Lets assume they all lie and deflate that by 1/3 (maybe a power surge will hit a few years in). That single $3 bulb still saves you 10 x $10 = $100 in electricity costs vs incandescents over its useful life. A bit more if you pay California electricity rates, a bit less if you live near some hydro co-op. But the difference is large enough that the effect is true no matter where you are.
So yeah, top-range lamps give better results than the cheapo stuff, but top range isn't that much more expensive, and the lifetime savings of going to LED are hard to ignore -- op-ex vs. cap-ex if you will.