Well - maybe. A lantern is one situation in which LEDs actually work well. The problem is that the cheap driver circuits found in 'camping' lanterns are inefficient.
Also, small fluorescents have quite poor efficiency.
In comparison, the driver circuitry for LEDs can easily be 70-80% efficient, without really trying, and 90% isn't remotely difficult.
Hmm. Annoyingly I can't find figures on the web. I'll look tomorrow to see if I can find the packaging for the lantern I have. Otherwise I'll try some actual measuremet.
Not all LEDs are directional, and ones that are can be diffused.
There is also the fact that LEDs dim efficiently - CFLs don't really.