LEDs are further challenging incandescents as LED maker Cree has announced a lighting product with a colour rendering index (CRI) of 92, putting it amongst incandescents for colour quality.
"The LRP-38 generates a CRI of 92 at a colour temperature of 2,700K. The tightly-focused beam delivers a centre beam candlepower 
of 4,000 with a beam angle of 20 degrees," said Cree. "This light is designed to replace 50-90W halogen PAR38 bulbs in various applications."
Input power is 12W - with the firm claiming a total delivered minimum efficacy of 42 lm/Watt.
The lamp is designed to last 50,000h in open track fixtures or 35,000h recessed down lights.
Applications are expected where good colour reproduction is required: in supermarket produce displays, 
department stores, and museums.
See also: Electronics Weekly's roundup of content related to LEDs, with a special focus on both white LEDs and coloured LEDs:
LED technology - White LEDs
LED technology - Coloured LEDs
LED technology - LEDs general
LED technology - OLEDs
LED technology - LEDs Lighting