Today I purchased a Cree LED lightbulb (13.5 watts) from Home Depot for about $0.55 per watt. Prices are dropping significantly. So I decided to look for a Cree spotlight. Here we have a Cree (18 watt) PAR38 spotlight for $1.50 per watt.
Cree 90W Equivalent Bright White (3000K) PAR38 27 Degree Spot Dimmable LED Spot Light Bulb (3-Pack)-BPAR38-1503027T-12DE26-1U100 - The Home Depot
I used to figure about $5 per watt for a quality brand LED light. This price for the Cree spotlight is a significant reduction.