I’ve converted nearly all of my practical and tactical lights to LEDs without issue. Current “Cree” versions are outpacing the older Luxeon LEDs and even better, more efficient LEDs and circuits are on the way.
Given the LEDs life (100,000+ hours), compactness and efficiency over both incandescent and CFLs, the only real hurdle is cost.
Should have mentioned that is concerns my handheld lights.
I’ve begun replacing my home lights (some, not all) with CFLs.
Where the quality of the light really matters, I’m currently sticking with ICs.