What's happening with LED lighting

I recently attended the International Light Fair in the Philadelphia Convention Center (nice and close for me this year). This is "the" show for every manufacturer throughout the world to showcase their products, and showcase they did. Everywhere I looked were companies presenting LED (light emitting diode) products. It quickly became obvious that this super technology is here and now - poised to be used for every lighting device you can name.
LED's have come a long way since their first development in the 1960's. They were used in various indicator applications, such as automobile dashboard indicators and light switching devices. They differ from traditional light sources in the way they produce light. They are comprised of layers of semi-conducting materials coating a minute chip, which produces light when an electrical current flows through it. The specific color emitted depends on the materials used to make the diode. Light color tones or hues are measured on a Kelvin temperature scale. When a warm tone white light is desired (as we are used to seeing with incandescent lighting), the color temperature is about
2700 K (Kelvin), and is a good choice for most residential use. But if the light needs to be a bit more crisp or halogen-like, a 3000 K bulb would be more preferable.
But, is every lighting device right for LED's? LED's have some unique characteristics. First of all, they emit light hemispherically (straight out), whereas our traditional light sources - incandescent and compact fluorescent (CFL's) - emit light spherically (in all directions). Therefore, LED's are generally more efficient and waste less light. Second, they are impervious to vibration and usually do not need glass enclosures; nor do they get hot, so they won't burn your fingers either. And, traditional light sources burn out sooner when switched on and off frequently, while LED's are unaffected by rapid cycling or dimming features. They also come on at full brightness, unlike CFL's, which have a delay prior to attaining optimal light output and are not reliably dimmable.
They consistently last between 35,000 and 50,000 hours (5 years) if they are left on full time. In comparison, this is ten times longer than a halogen bulb. And if we compared it to a life of 1000 hours for a 75-watt incandescent bulb, or a CFL, which typically lasts 8,000 to 10,000 hours, we see quite a difference in bulb life. However, LED bulb life decreases in higher operating temperatures. LED's do not burn out, they decrease slowly in lighting efficiency. They are already versatile and efficient for small sources, such as under cabinet lighting, stair nosing, pathway and step lights, and where great focus is needed, such as spot lighting. They are not the right choice in all areas yet, such as large open spaces or where the light source is an object such as chandeliers.
LED's are not yet at their peak of lighting efficiency and output. They are advancing quickly however. While LED bulbs are still significantly more costly to purchase and have not perfectly transitioned into all needs, like all new technology, the prices are rapidly dropping with increased research and production. And the real cost when comparing LED bulb life spans to incandescent bulbs is favorable. LED bulbs are also mercury-free, unlike CFL's, making them a greener and safer choice for everyone.