I work for a company that produces the lamps that go into LED Lighting products, so I might be able to shed a little light on your concerns.
You're going to see many more commercial applications than residential apps in the near term because the lighting hasn't gotten to a price point that consumers would be able to recoup the costs. It's coming...we're just not there yet. Also, there are only a handful of working lighting kits, such as the downlight you'll find at
Cree Inc : Cree LED Lighting Solutions : The Cree Difference : Overview. If you're installing hundreds of these, you'll save in the long run. If you're installing 5, it's just cost prohibitive at this time. Plus, the light bulb's been around a long time in its current form & it's going to be a challenge to replace it. However, as we move to more energy conservation, it will make adoption of LED solutions even easier.
They're coming...just gotta be a little patient.