Should they keep on developing the lumen output of the emmiters, or is it better if they work on getting the light emitted to be as full spectrum as possible? Like either getting white, bluish and yellowish stuff to show up really well like they do now but brighter, or to make the other colours, particularly red and green, more visible?
I believe the biggest push for LED companies over the next several years will be to make emitters that are capable of being used in general lighting applications, which will REQUIRE emitters in neutral white (3500k-4500k) and warm white (2700k - 3500k) to come out. Better color rendition will also be a major consideration. Note: color temperature and color rendition are separate issues.
Also, warmer colors actually theoretically have the potential for more lumens -- our eyes are much more sensitive to the yellow/green phosphor emissions from LEDs that the blue light that they are based on -- the only problem now is that adding a thicker layer of phosphor tends to impede light extraction beyond a certain point. As this engineering problem is overcome though, we'll end up seeing lower color-temperature (warmer) white IN ORDER to get more brightness.
BUT there is also CRI (Color Rendering Index) that is often not understood well - leading to people to quoting incands are close to CRI=100 (perfect) of being better for color rendition -
whereas one can easily see that incands have a very yellow/orange bias, and most people have difficulty differentiating blue, and seeing yellow on white......
CRI is a bit confusing, as it was only really meant to compare lights
at the same color temperature. For example, a 3000k halogen at CRI 100 will render color better than a 3000k fluorescent at CRI 80.
Of course, if I were to ask anyone which had better color rendition -- a "long life" incandescent at 2700k, or a severely overdriven halogen at 3500k, just about everyone would say the latter. IMO, a color temperature of 4000K with 100CRI would be ideal for most applications. To get a close approximation of what this looks like, take an Incandescent flashlight, and an LED flashlight with similar beam patterns, and turn on both at the same time -- the incan's yellows/reds complement the cool white LEDs perfectly. The result is more accurate than either one, or the other.
Another thing to keep in mind -- in certain applications, it may be worth sacrificing CRI for contrast -- for example, wearing yellow-tinted glasses during the daytime in order to increase contrast between objects in the foreground against a blue sky. Color rendition with those glasses on is worse, but visiblility might be better for a particular application. Incandescent lighting I find has a similar effect to "blue blocking" sunglasses -- things tend to look deader under incan light than say HID light, but contrast is enhanced.