Well, I just about have the house fully converted to LED bulbs. Instead of costing $12,000+ it looks like the total will be under $3000. I got some REALLY good deals on "used" PAR30 and PAR38 bulbs off of Ebay. They were very high quality all made-in-USA units. Were probably store/utility company returns. Retail was around $70 a bulb and my costs were around $10 a bulb (less than 3 times the cost of incandecents that only last a few months around here).
Also got some PAR20 bulbs from the same source for doing the outside bulbs on the house trim (they were too dim for use inside where I had to spring for a bunch of $20 bulbs). Heck, I even have LED bulbs in the garage door openers, closets, basement, and attics.
About half the total cost is replacing the 32 MR16 50 watt/900 lumen 12 volt halogen bulbs. These are in recessed "eyeball" fixtures that shine down onto artwork on the walls. The brightest MR16 LED bulbs in the US are less than 350 lumens. Philips sells a 400 lumen bulb in Europe... it has a fan in it that is rumored to be rather audible. The MR16 fixtures are the only source of light in a couple of rooms so need to be bright.
So I am building my own luminaries using a 1000 lumen Bridgelux array ($18 ea - I can push the LED to over 1500 lumens), Ledil reflector ($4), a Nuventix heat sink ($8), my own LED driver ($8 - a sweet, simple, serendipitous analog design), CCTV camera mount ($4), maybe a camera lens UV filter for LED protection ($2). The whole unit will be around 3 inches in diameter and a little over 2 inches long. They will hang down from the current eyeball cans on the CCTV mounts like track light fixtures.
Nuventix claims the heat sink has around 1.3 degree C per watt temp rise. I'll be pushing less than 15 watts into it, so should have less than 20C rise. Nuventix sells some really neat "synthetic jet" cooler modules that bolt onto the heat sink. They are basically "semi-no moving parts" coolers with 100,000+ hour lifetimes. They can boost the heat sink to handle over 30 watts, but their design guide says I don't need to use them for my load... we'll see... I have parts for 6 prototypes on order.