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Opinions on LEDs

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I get asked a lot about LEDs. I mean A LOT. LEDs are the hot topic of they day and they will be for some time.  It seems as though everyone is racing to the finish line with an LED product. Where is that finish line? When will LEDs be a viable solution to take over for our beloved tungsten fixture?  In certain applications, LEDs are finding a home, but the ever present question is, when will LEDs be ready for prime time as a front light? Ask anyone in the business and you will get a different opinion from each.  So what are your thoughts?
Justin Lang, PLSN editor.