Enlux, a company in Arizona, has created floodlights built from LEDs. They did this by removing the diodes from their individual plastic housings and clustering them on a heat-dissipating circuit board, known as a light engine. They also created finned aluminum housing that spreads the heat across its surface. The 22-watt floodlight ($80) gives off about as much brightness as a 45- to 65-watt incandescent bulb.
The real energy efficient comes in with the colored floodlights, which are ten times as efficient as their incadescent counterparts.
These lights also have all the usual benefits of LEDs: long life (35 years), durability and low operating temperature.
See also this this led floodlight.