I haven't compared 120v LED vs CFL/fluorescent, but I did try out LED rope lighting and 12v fluorescent recently. I was really surprised, and disappointed, that the power consumption was about the same for similar brightness.
Advantages of the LED lighting are cooler running temperature, no glass, no mercury, and longer life. I was a fan of CFLs, but their short life (usually less than published if there are too many on/off cycles) makes them more expensive than I like and makes the price of LED bulbs more attractive. I think that 120v LED bulbs will be dropping in price in the coming years.