1) Low pressure sodium lighting sits at around 200 lumen/watt. Power LEDs just aren't there yet. CREE just last month announced 129 lumen/watt for cool-white and 99 lumen/watt for warm-white. So from a power point of view, LPS still wins by a large margin.
First off, the majority of places use high-pressure sodium light, NOT low-pressure. This has an efficiency of around 110 to 120 lm/W
for the bulb. However, you can't just go by the raw efficiency of the light emitter. The light is omnidirectional so a lot of it is wasted. Only about half the light emitted by the lamp actually goes where you want it. This brings the efficiency down to 55 lm/W. Another 15% is lost in the ballast so now you're down to about 47 lm/W.
Now let's look at LEDs. LEDs are directional. 100% of the emitted light goes to the street. The ballast losses are lower for various reasons, perhaps around 10%. So if you start out with LEDs at 100 lm/W (currently state-of-the-art) you can have an overall system efficiency of 90 lm/W, or nearly twice that of the sodium vapor lamp. Also, the higher color temperature of LEDs has a higher apparent brightness. This means you can get by with fewer photopic lumens if you want to, or use the same number of lumens yet have the street look brighter. Finally, LEDs are still on a steep improvement curve. They will soon pass the raw efficiency of HPS, and within 5 years, LPS.
2) Light pollution! Low pressure sodium emits only two primary wavelengths of light so it's largely monochromatic. This makes it trivial for astronomers to filter out. Contrast this to a wide-bandwidth light such as a mercury vapor light or the fluorescent coating of a white LED which emits many, many wavelengths. You cannot effectively filter this type of light pollution because you'd have to block so many wavelengths that you wind up blocking lots of 'useful' information about whatever it is you're trying to image.
Again, most cities (except a few in Arizona IIRC) are currently using HPS, not LPS. This is fairly broad spectrum so it just as difficult to filter out as LED light. This problem of light pollution can be more easily solved by just designing fixtures which don't allow light trespass. This is actually easier with LEDs than with anything else since they inherently emit in a half sphere (or less).
There are good reasons for NOT using LPS or HPS. Both cause a loss of peripheral vision, making driving less safe. LPS has zero color rendering, making ID of vehicles by color impossible (one reason police don't like them). Both are asthetically horrible compared to some sort of white light such as LED or metal halide. I remember in the early 1970s when a lot of cities went from mercury to sodium lights they were almost universally hated.
Your other points are valid. To me though I think LED streetlights should (and can) be made to last as long as the fixture (50 to 200 years) by underdriving them. There will also be significant amounts of efficiency gain which will more than offset the cost of the required additional emitters. Come to think of it, you'll save on the labor of replacing emitters plus the cost of the replacement emitters themselves.