IMHO heat is the big catch for the future mainstream use of LED's. Most people think of those little 0.07 watt 5mm LED's that make no significant heat. When you start talking about about 20 - 30 watt light fixtures, the heat is not a small problem. You are going to need fans or big heatsinks or something.
An alternative, if power LED's get really cheap is to use lots of underdriven emitters which makes the heat sinking less critical and increase efficiency as well.
An alternative, if power LED's get really cheap is to use lots of underdriven emitters which makes the heat sinking less critical and increase efficiency as well.