GE seems to be the only company who has come up with have decent packing for LEDs. Placing exposed circuit boards (even sealed with a conformal coating) in outdoor signs is not good design practice. It might save you money, but in the long run the LEDs will fail.
I honestly don't think LEDs save much if any money over other efficient types of lighting, really the advantages are extremely long life and the small package size.
I think most LED lamp fixture manufactures are "Cheating" - they put LED lighting in fixtures with well designed optics and compare to a traditional lamp with no optics and say wow look at the energy savings.
Two large problems facing the LED industry are reliability - some product doesn't even last a year and consistent package design - manufacturers keep changing the package design. HO lamps circa 1960's are still available. LED lamp packages circa august 2009 may not be available in September.