LEDs, if they are going to comply with the new standards, should burn for 40,000 hours = 1666.7 days = 4.7 years. If you run them about 8 hours a day, that means they should last about 12 years. The price will eventually come down. What usually goes in the LED lights that screw into a standard socket are the capacitors that are part of the AC to DC convertor. There is an awful lot of research being done on how to get them to be warm white. CREE is one of the very few US companies that make them. You can check out the CREE website for more details http://www.creeledlighting.com/