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I think that they will get there with LED's in common household applications, but it may be a few more years. However, some really great things have happened with their with output and power handling capacity. I attached a couple of photos of a job that I helped start up that has 54 LED floods in an RGB configuration capable of producing several million colors. The output of each is individually controlled so that a variety of wash effects can be achieved. In the photo of them in operation, the multiple colors actually moved across the sloped panels so that it was a moving rainbow effect. It was very dramatic. The installation is on the top of the 30 story Memorial Hermann Medical Plaza in Houston's medical center. The advantages are extremely high efficiency, impervious to any outdoor temperature, very long life (at least 50,000 hours) and of course, color changing without the use of filters. The bad news is that the total cost of the fixtures was a little over $100,000. This is the really good stuff.
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