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LED Lighting & Energy Efficiency

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It depends on how they rectify the power.
Many LED Christmas lights are notorious for having "half wave" rectifiers that flicker more than good bulbs.

Might be just a single diode come to think of it, I mean they really were bad... I'd better buy another set then, to connect on the other side... I don't want the power company round complaining that their generators are begining to shake from the unbalanced load.
 
Inhabitat » Panasonic’s New LED Bulbs Shine for 19 Years

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Anyone within range of London on March 11th might be interested in the following:

Kelvin lecture | IET Prestige Lecture Series

Lighting up the future - the way ahead for solid-state lighting

Professor Shuji Nakamura

Materials Department and Solid State Lighting Energy Center (SSLEC)
University of California, USA

Thursday, 11 March 2010 | IET London: Savoy Place

In 2010, for the 101st lecture in the series we’re delighted to have world renowned LED lighting expert Professor Shuji Nakamura here to deliver his vision of lighting for the future.
 
I see more and more of them on the regular shelves at places like Orchard-Supply-Hardware.
Still very pricey though, but not so bad if you consider the energy/cost savings and longevity.