richrdh18: Led's are the way to go. Yes they are more expensive but to reduce the huge one off cost, I purchased a couple each week and after a few months, the whole house is done. I went for the Philips warm white bulbs as a replacement for R80 down lights bulbs. I think we are saving approx. $40 per month on our power bill now, so these would have paid themselves off in under a year.
Now I don't mind if the kids leave the lights on
There isn't a huge cost difference in the running costs between CFL bulbs and LED, so over a bulb lifetime, CFLs maybe be slightly cheaper in the long run, depending on what the LEDs cost. However the other benefits of LED make them a far better choice IMO, including better quality light, and instant on.