The newer 3 and 5 watt LEDs are getting up to the efficiancy of T8 fluros, but they dont tell you about the transformer losses, which are quite high for LEDs at the moment, vs the ballasts for a large fluro which are getting down to 5% or so for a cheap electronic one.
Also the colour rendering of LEDs still leaves a lot to be desired - it can be done, but the efficiancy suffers. All up, they are a great replacement for spotlights at the moment, since led dies are about as close to a pointsource as your going to get, but for a replacement for a T5 or even an old T8 fluro, still not there yet.