I actually rewired my entire house 4 or 5 years ago and replaced every bulb with LED bulbs and had some spares to boot. I remember some of the brighter bulbs I spend around $15-$20 each on. I have since burned through all the spares and started replacing them with fluorescent. More than one of them failed within the first year. Several I've had to replace recently because they had become too dim to light the room well. Others developed flickering problems. As far as reliability is concerned LED bulbs were crap when I bought mine. It reduced my electric bill about 15% though, but the house had old cloth-wrapped wiring and did have a few "leaks" in it, so I'm sure replacing the wiring had something to do with that reduction as well.
And when I say we "replaced the wiring", I mean everything. New service and meter on the outside of the house, new breaker box with all new breakers, every scrap of wire replaced (except one to the back porch light), every light fixture and switch and every wall plug replaced and circuits split out using more breakers. Originally there was one line running to the attic which powered the entire upstairs. Now there are so many lines that some of them are wrapped up, waiting to be connected if they're ever needed.
I would definitely stay way from the fluorescent light fixtures which use the tubes, though. Those things are a pain in the neck. I got all of those replaced in the office about 2 years ago. Last week I had to buy 16 new bulbs at $2 each (if I bought 30) because every one had burned out already. And one ballast is gone too. But for a while I was putting up with the flickering. I'd rather have torch light than fluorescent tubes. Far more reliable, easier to maintain and cheaper to boot. Okay, that may be a bit of an overstatement.