Incandescents do generate high quality light but they too fall short at reproducing natural sunlight. Unfortunately because Incandescents were dominant for so long the industry has established a color rendering index (CRI) based on a black-body radiator which considers incandescent to be perfect even though it actually falls far short.
Fluorescents and Compact fluorescents produce horrible light as a result of the phosphor coating used to create white light. LEDs can be much better, though admittedly not all are.
All in all LED lighting is the future for a whole host of reasons. I can't wait to replace fluorescents and CFL which, as a result of their mercury content, are one of the most environmentally toxic 'green technologies' ever developed.
Just my, clearly biased, $0.02 :)