LED lumens cost something like 10 times as much as incandescent lumens right now. Look at the power consumption of a LED fixture and multiply by about 5 to get the equivalent incandescent watts.
IME lower cost LED fixtures with 3 colors of LEDs do not provide every color that you might expect from a RGB fixture. Whites tend towards blue and many pastels and some solid colors can be mission impossible.
Some fixtures have a bank of white LEDs in addition to address the problem with pastels. Seems like an idea.
You'll get lots of colors and low power usage and far less heat for sure. If you are picky about color, you're going to be frustrated unless you pay top dollar.
On balance we've had a ton of fun with the two ca. $300 fixtures we bought for the Christmas program, and we will probably be getting a few more pretty soon.
In ten years LED fixtures will probably be dominant. They're about doubling the price/performance every 2 years. They seem to be getting close to solving the problems with color temperature and pastels for a reasonable price.
