Comment Power factor? (Score 2, Insightful) 400
I wonder if this analysis took into account CFL's poor power factor. Cheap CFLs usually have a power factor of around 0.5, which causes substantial electrical losses compared to Incandescent bulbs, which are purely resistive (and therefore have a power factor of 1.0). LEDs, on the other hand, have a pretty good power factor.
http://www.theengineer.co.uk/opinion/led-is-the-answer/299821.article