So I have been meaning to look into the whole lightbulb thing for a while
Stumbled across this article which is a good primer and it seems LED is the way to go HowtoGeek
As is usually the case there should be some Ozbargainers with indepth knowledge on the topic including what bulb to use where/when
And most important - what & where to buy cheaply
Go at it my friends - enlighten us all on this illuminating topic you bright sparks!
Get on it before they sell out: LIFX Smart LED Bulb Sale