I take issue with the simpledollar analysis, as it seems the author went out of his way to find a non-competitive LED bulb.
I have several Philips '60-watt equivalent' bulbs. I paid $14 for them at the Big Orange Box store, and they consume 11W. They are rated at 25,000 hours lifetime.
In keeping with the math above, I would have to buy 1.2 of these bulbs to attain 30K hours, so the bulb 'cost' would be ~$16.80.
The electricity cost would be $33.00, for a total of $49.80, or ~1/4 the cost of operating the incandescent bulb(s).
My utility also offers subsidized purchases of these and similar bulbs; I bought a bunch of Philips BR30 LED floods for $5 each. And unlike the CFLs they replaced, these are dimmable. With the subsidy, these would have a total cost to me of $39.00, or 1/5 the cost of the incandescent.