I am a strong believer in LED for my industrial applications.
Our total installed cost is more than double the material cost of the fixtures. The total cost of the installed light more than justifies using LEDs for our lighting system with lower power which means less wire, panelboards, transformers etc, not to mention the cost savings with energy and maintenance costs.
But project after project, we get managers fixated on the initial fixture cost and will not make smart project decisions.
The LEDs of today are so far removed from those of 3 years ago that any comparison is silly. I could not even guess how may exterior LED wall packs, floods and high masts we have replaced in the last two years but I can tell you that the results are universally applauded. More light, with better color rendition, less than half the wattage, lifetimes in the 100K range and very low failure rates.
We are just finishing up an installation of LED high bays in a rather large building - over 2,000 fixtures with individual daylight dimming and occupancy controls. We replaced 250W sodium units with 166W LED and increased light levels 15 - 20%.
Home LEDs are usually offshore manufacture and more prone to failure but they are catching up quick. The recessed lights in my office are LED, have been in for 2 years and no on e can tell that they're not fluorescent until I take off the lens and show them. And they are fully dimmable and are connected to a building automation system too, all with CAT5 cables.
LED is the best option, especially for anyplace where maintenance is an issue or electricity is expensive.