There is a long run with LED's. But you don't have to wait long before the savings start: I got 12W LED bulb for 12€, they're as bright as 75W incandescent. For other room I got a replacement for 60W for about 10€ (about 7W).
I've calculated a bit and came up to a conclusion that at a current electricity cost an LED bulb pays off within 2 years. That figure depends on usage, of course, but I've only replaced those bulbs which fit into the calculation. Incidentally, they have a mandatory 2 years warranty so I don't really have to worry about the lifetime of the LEDs at all. Any time after the warranty expires is a bonus anyway. As for the bulbs I use less frequently: they will be replaced when they break. After replacing several incandescents around the house I have a backlog of them anyway. By the time I'll need to buy a new one, I'll be having enough LED's that have already paid off themselves.
My parents went the CFL route couple of years ago and they turned out to be better off as well cost-wise. The CFLs have some disadvantages though: the warm-up time is on top of my list. Still, my parents can replace some of the CFLs with LEDs and still be better off than they would be with old technology!
True, the electricity cost here is higher than in the US, it contributes to the calculation. But I still support the ban: IMO It did put the right pressure on the manufacturers and made cool LED technology cheap much more quickly. The only real losers are the luddites who bought large quantities of incandescent bulbs before the ban.
As for the residue heat: at the infrared footprint of the LEDs is much lower, there are much fewer insects in the summer. Besides, there is not much use in heating the ceiling anyway.