A few months ago I replaced one in-ceiling potlight with the direct screw in replacement LED from Home Depot as an experiment. The +$20 purchase price made it a 1 bulb experiment to start with!
Pros - very little heat generation which I am always conscious of with my lowish ceiling basement.
Con - light distribution and colour not as natural as I'm used to with the standard halogens. Has more of a 'honeycomb' pattern from the multiple LED's instead of a solid wash of light, not quite as illuminating.
I'm not sure at this point if I'll start replacing all pots with LED when they burn out. Still on the fence. Though anything as a night light that is almost always on I do use LED's for.
