This thread began as a side conversation in the thread: Experience with Philips Ambient LED in the Home. I have split it out into it's own thread to make it easier to search for in the future.
It's interesting to me that no post in this thread mentions power factor. In their effort to get the cost of LED bulbs down, manufacturers have sacrificed power factor. Many of these LED bulbs have very poor PF--sometimes as low as 0.4. This has the utilities quite scared, and their method of controlling this will be:
A. Change the standards to require higher power factors. This is already happening, led by the Canadians in North America. This will make LED bulbs cost more.
B. Charge you a hefty premium for lower power factors.
So, when selecting an LED bulb, I think you need to include power factor in the payback equation.