The Philips Master LED light bulb is already selling in Europe, and will be launched in the US in July. The LED light bulb has the same form factor as one of those good old light bulbs, but uses significantly less energy.
The Philips Master LED bulb gives off a light equivalent to 40W, while drawing only 7W of power. Another advantage is the very long lifetime, the Master LED is expected to last for 45,000 hours, while a standard bulb has an expected lifetime of only 750 hours.
I'm not sure if the light of the Master LED light bulb is any good, but one obvious disadvantage is the high price. The 40W equivalent is expected to retail between $50 and $70. Quite a lot of money for just one bulb, lets hope the price will come down fast.