Don't know if this has already been mentioned, Cree has announced 245 lumens per watt, in the 4,000K range.
It will not be long before these efficiencies will be readily available.
We have been using the Phillips MR16 bulbs for about 3 years now and really like them, I paid around $30 each for them but for us they were worth every penny, since we spend quite a bit of time off grid.
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