To put some numbers on this.
Let's take a 100W light bulb as an example.
This puts out some 1300lumens and uses 100W, for an efficiency of around
13lm/W.For a compact fluorescant, these numbers change to 22W, and 60lm/W, and cost maybe 3 pounds (unsubsidised)
For a large linear flourescant tube, 13W, and 100lm/W, costing a poundish.
LEDs now.
These cost $3.30 (in 100s), and put out 70lm/W in neutral white when run at 1W.
This is 19 LEDs to equal the above 100W light, which take 19W, call it 22W when the ballast losses are counted.
Costing maybe (in the shops) 60 quid per bulb.
If you drive the LEDs harder, you can drop it to 10 LEDs, and maybe 30 quid, but the efficiency drops my 40% or so.
However.
With the appropriate driver circuitry, this can reasonably be expected to be producing light fairly efficiently in ten years constantly on.
In short - they are probably barely competitive with CFL at the moment, for applications where otherwise you'd need someone to come out and replace the bulb. Say in awkward locations in stairwells.
However again, it's only in the past couple of years that LEDs have approached this efficiency, and while the physics won't let you double the brightness/power easily (they are already some 20% efficienct, getting to
40% would require major technological changes), getting another factor of 10 down in price should be quite feasible in the next 5 years.At that point, they do become competitive.