LED light quality is all over the map. Suffice to say, you get what you pay for. These Cree fixtures are incredible, with a CRI of 90, versus much lower CRIs for CFLs. Cree also sell a more expensive fixture, the LR6-DR1000 which consumes 12W and is a good match to a 100W halogen bulb. I put two of them in our breakfast nook, which we like to be bright in the morning.

Trying to sort out the cost/benefit is non-trivial when you consider not just the one-time install cost, but recurring electrical costs, A/C costs (to remove the heat generated by halogens), and replacement costs (I've had many of the CFLs I put in two years ago start burning out on me). I guestimate that my investment starts paying for itself in 3-5 years.

Of course, in 3-5 years, LED lights will be much brighter and cheaper than they are today. Also, the lack of mercury vapor is a decided point in their favor that will ultimately drive CFLs out of use.