The main things holding me back now are cost, efficiency, and light quality. By next year LED efficiency should be right up there with the best fluorescents, and it will continue to improve from there. Therefore, efficiency will be a non-issue soon. Cost is the main thing after that. I figure about the most any consumer, including myself, will pay for an LED replacement bulb will be in the $10 area. Assuming you want to match the output of a 28 watt CFL, which is about 1700 lumens, you would at present need about 350 5mm LEDs, or ~35 of Lumiled's K2. The cost of the LEDs alone in either case would be three figures, effectively ruling out LED for now.
Light quality is the final hurdle. While I most certainly don't want LEDs which mimic incandescent I do want them with a CRI better than the typical high 70s which most currently offer. I also want a color temp around 5000K rather than the 6500K to 8000K currently typical of white LEDs, or better yet a bulb using RGB LEDs with user selectable color temp. Furthermore, I want some consistency so that each bulb looks the same color. Right now there is still too much variation from LED to LED even in the same lot.
As much as I love LEDs they just aren't there yet for general lighting. I think in about 2 or 3 years though you'll start to see Home Depot offering screw-in LED replacements with output equaling or bettering the incandescents they're designed to replace, 1/10 the power usage, and for $10 or less. The most obvious thing to make first are replacements for those small base candelabra incandescents which have horrible efficiencies of 10 lm/W or less.
Two other things I expect from any LED replacement-it must be dimmable using a standard lamp dimmer, and the output must not flicker. That means no PWM, just continuous, filtered DC. For dimming, you can electronically read the duty cycle set by the dimmer, and adjust the LED's current to the same percentage of maximum as the duty cycle.
Given that much of our house is already lit with linear fluorescents though LEDs will at best be only about half the total lighting until the fluorescent fixtures wear out. I suspect it'll be a really long time before it makes sense to replace fluorescents with LEDs.