One of my more recent jobs was as Energy Manager for a research facility with a 2MW HVAC/Building ancillaries power plant.
Just a note from the IEEE for your perusal concerning PF and electrolytics (at **broken link removed** ):
"This paper proposes the use of a single-stage high-power-factor converter for power LEDs, without electrolytic DC bus capacitor. The power factor correction is obtained through direct connection of the Boost inductor between inverter stage and two input capacitor. A rectifier with output capacitor filter connected between the inverter stage and DC bus capacitors is used to obtain DC current in power LEDs. Experimental results are presented to prove proposed design methodology." This is just the abstract. You have to buy it to see the full text.
From jpanhalt's posted site note the 20% world power usage for lighting is a figure that's going to be difficult to recoup from the users (us, you and me).
At my job above, our power bills for the HVAC facility had both KWh and KVAh cost components listed seperately. To do this they power meter was designed such that those values were seperatelty monitored. We had a PF correction cap bank that kept our PF at o.96 to 0.99 quite well.
Domestic meters, however, only monitor KWh. In order for the utilities to recoup the PF losses the meters will have to be, of course, replaced. I am going to assume that the utilities, due to the enormous costs for such a move, won't do it.
Thus, as with incandescents (which do not alter PF but are inefficient), PF altering lights will become illegal by law or caveat and we will have no choice in the matter but to use the , inevitably more expensive, alternatives.
Just sayin...