Flex-Led

[DYNAGOD]

could make for some nice molding.

http://www.mulelighting.com/ledflex/

[pointdablame]

if you take a good look at the product, its not really "molding" shaped.  It's a rather thick square tube that can be flexed.  I think it'd look really out of place as molding unless you could somehow recess the entire square tube into the wood.