The way I see it, it's much like the early days of the rise of the desktop computer and its related components. There was a time that $3K could get you an Osborne 1, whereas today $450 gets you any of a dozen desktop alternatives. Until the adoption rates for most markets that use the output of the expensive LED plants, the per-unit costs will continue to be relatively high.
In the short run, the costs of a simple incan light at the corner store can be attractive: $7 for the light, $4 for a set of four alkaline battery cells. With light use, perhaps another $8 in batteries for the remainder of the year. Compare that to a $40 LED flashlight, and $15 per 18650 Li-Ion cell, plus the charger. That can be $80 for the LED light and supporting items, but less than a fourth that for an incan "equivalent." With heavier use, no doubt LED/Li-Ion recoups the cost differential much more quickly.
The traditional yellowish glow, warmth and feel of an incan bulb is hard to beat. The color rendition is better, images seem more realistic, contrasts can be easier on the eyes, detail easier to see. Some of the "warm" Malkoff LED drop-ins approach this, but none exceed it, IMO. Still, for myself, that's about the last reason for an alternative to a good LED flashlight in my applications for them.