I bought one of the cheaper ones too, and while it's good enough for accent lighting it's nowhere near as bright as a regular bulb. They do make LED light bulbs that are supposed to be as bright as a 60W incandescent, but they cost over $100.
These new LED's are a huge step forward. The only problem I can see is that, since it's a LED, it's still directional. This wouldn't be a liability in lights designed for it (it's small size is a huge benefit in designing new fixtures), but it might limit it's effectiveness in direct replacement bulbs for existing fixtures.
Link to $120 LED light bulb that's as bright as 60W incandescent.
Another interesting concept is LVD electromagnetic induction bulbs. These avoid many of the complaints about CFL's, but given the complicated construction I'm not sure if they're viable as replacement bulbs.
Link to LVD Bulbs
