Will LED (light emitting diode) become the light of the future?

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Lately i've seen prices of led bulbs drop making it very affordable, brighter and more bead versions keep popping up, although it does not diffuse light as good as their cfl counterparts, none the less it has advantages like being shock proof, no mercury, low electricity consumption,lower heat emission, longer life and eco-friendly, do you think it will eventually replace the way we light up our planet? Are scientists looking in to other light sources besides led?