One interesting application for super-bright LED's is home theatre projectors. Until very recently such projectors used lamp modules (usually metal-halide) that typically have an operating lifespan of a few thousand hours at most. That's a very rough estimate. Failures can happen sooner and they occasionally implode. Also, brightness usually drops off gradually as lamps age. New lamp modules usually cost a few hundred dollars. These lamps also produce a large ammount of heat and require active cooling, which makes projectors noisy unless carefully designed for quiet operation. For these reasons, home theatre projectors probably remain more of a niche product than they might otherwise be.
LED based lamps are starting to show up in this market sector. Current LED-based projectors are mostly portable projectors that offer low brightness and poor image quality, but some home theatre models of decent quality are starting to appear. At present, they're expensive, less bright than most projectors based on traditional lamps, and still require fans for active cooling. However, as LED's become more power efficient and economical, these projectors will hopefully become brighter, passively cooled, and significantly cheaper.
Projectors are not appropriate in many environments, especially those with high ambient light levels, but LED's may help them make major inroads into the big-screen market.