The savings in labor, as you and Pat point out, can be substantial. I know that I will be using them anywhere I need a ladder or where bulb changing is difficult for any reason. One spill off a ladder will really raise the cost of using older, incandescent bulbs.
I was at first reluctant to install CFL floodlights outside when they were $20 each in case someone decided to swipe them. In NYC, a long time ago, they had to use special left-hand thread bulbs and sockets on the subways because so many people would steal them to use at home. Since they are often on all night I would really like to replace them with LED bulbs, especially now that they are taking a long, long time to warm up to full intensity.
One reason I still use an incandescent on the porch is that they are much better at illuminating the porch for the CCTV cameras (which are infrared sensitive). CFLs were extremely deficient in that end of the spectrum and the low light performance of the cameras really suffered even though the light ouput looked the same to the naked eye. I suspect that the LED bulb will have the same problem since I assume their IR output is low compared to tungsten bulbs. So there's still a minor advantage to using tungsten bulbs for me in at least one application. Since that bulbs on an X-10 dimmer and runs dimmed all the time, it lasts far longer than an undimmed tungsten filament bulb. The CFL's did not run well on the X-10 circuit. They would turn on remotely but never turn off.
Oddly enough one of the articles I read about blue LEDs was complaining that their wide-spread adoption would actually raise the use of fossil fuels throughout the world (someone's always bitching!). However a more sensible comment following the article pointed out that LEDs consume so little power that it makes it practical for small, remote villages all over the world to power them at night with a fairly small solar array and rechargeable battery.
I'm going to get some more 40W LEDs from Staples and be on the lookout for a sweet deal like the one that Mike got at Home Depot (four dimmable ones for $5.05). I tried to dim the Staples bulbs but they just flickered. )-: