Whether color is needed or not really depends on what you're doing, for instance, down here in Pageantland, the closer I can get to white light the better off I am. As we are trying to reproduce pieces of art on a large scale, its very important that paint and makeup colors read true. A more conventional example would be standard front lighting. While you typically will use a warm and a cool, they are still generally, well within the realm of white light. The ability to warm up or cool down your light source could absolutely be useful in this application.
While I agree with MNicolai and allthingstheatre that LED's are not quite ready for theatre use, that does not mean that they are not ready to be used in theatres. At my facility, I'm looking into LED's for use in off stage areas, such as stair lighting, path lighting outside the stage building, and for use as permanently installed running lights in backstage areas. Whether this will prove to be economically viable in the long term, I don't know yet, but I'm still doing my research.
As far as stage lighting goes, what we do down at the pageant is a little unconventional. I use a lot of conventional household lighting fixtures which I have adapted for use on the stage. The primary light source for most of our pictures is an adjustable picture frame with 80, 75 watt incandescent light bulbs, 12 inkies, and 24 modified tracklight fixtures using 50 watt GU-10 lamps. The incandescent light bulbs are the primary lights in this frame. I also install 100 to 200 of these lights and 12 volt xenon task lights designed for under cabinet lighting in kitchens on various sets. I'm looking at LED's as a possible future upgrade to my Frame lighting, but what I need is something with the performance characteristics of a 75 watt light bulb installed against a reflective white backing. Also I need to be able to roll the frame into place, plug it in, and have it work instantly, with no lag time while DMX controlled fixtures cycle through whatever self checks they normally require.
I'm also looking into LED strip lights as a possible replacement for my aging R-40 strips, but never having seen a side by side comparison between an R-40 strip and an LED strip, I don't know how comparable they are in terms of spread and intensity.
Granted, I have no problem continuing to utilize my current setup as it has, in various incarnations, worked nearly flawlessly throughout the 75 year history of the Pageant. But there is the very real possibility that sometime in the next decade, the California state legislature will take the decision out of my hands if and when they decide to ban incandescent light bulbs in the state of California.
If that happens I will be left with a choice between upgrading my systems and starting a smuggling ring to get my daily fix of incandescents.
