LED lighting is expensive to buy in comparison with other forms of lighting. A tiny household bulb can cost around $25, and bulbs for normal room lighting can go far higher. You may save money since the bulbs last so long, but the initial, out-of-pocket purchase cost can be prohibitive.
Normal incandescent and compact fluorescent bulbs cast multidirectional light. LED lights are made from many small LED bulbs arrayed to produce light. Because of the design, LED bulbs work better for directional lighting than the diffused lighting necessary to light a room. While the light output (lumens) may be similar to other types of bulbs, you may not be happy with the overall results.
LED lights can be harder to find than other kinds of bulbs. Given the price of these bulbs, you may not want to stock up on them. While they do not need to be replaced often, and online merchants carry a wide selection, if you are in a hurry you may not be able to pick up LED bulbs at the grocery store.