LED lights are in their 4th + generation. For an overview go to Bebi Electronics Web site. Some of the earlier LED lights simply did not cut it and were prone to rapid failure. Buying a cheap LED is a bad idea.
I love LED low power usage and I plan to use them as spot lights, reading lights and to cover work areas in general. The next question is whether to use sealed units or LED bulbs in traditional fittings. My great concern about the sealed units (e.g Bebi, Hella Euro etc.) is that in the event of a lightning strike you loose the complete fitting. If you pay $100 per unit this can be expensive and you have to buy and install complete new fittings.
If you use a LED bulb in a traditional fitting you only have to replace the bulb (assuming your boat hasn't been completely fried). I have been impressed by the SCAD Technologies "Sensibulb" and plan to test it in a WM Xenon Berth Light fitting. I tried it in a dome light but it does not seem to distribute the light evenly (partially due to the fact that it fits in the socket an an angle).
For a low cost, low power usage I am happy to recommend the Bebi Electronics products. I have no connection with the company other than the Owners/managers own a Downeaster 38, a sister-ship to my last boat. However, you can help but like a company that makes LED lights in a village in Fiji.
This may seem like a lot of effort for lighting but next time you are onboard a well lit boat try and compare it to a less well lit one.
WM Interior Dome light, bright enough but halogen light use too much power.
Bebi Light - Not bright enough for area lighting IMHO.
Bebi Light - I will use some of these as down lights.