Can LEDs be made for household lighting?
Yes, but it is expensive at the moment.
Yes LED lamps are becoming more affordable.
I had a business about 7 years ago building LED flashlights, before they were available at Walmart and most sporting goods stores.
On average an LED fed the right voltage and current will burn continuously for 100,000 hours non stop before they show any signs of degradation, and thats just 10-20%, thats 11.3 years, ALL THE TIME, plus you can cycle them non stop on, off and on millions of time, won’t hurt them.
LED is the way to go, just about another 3 years they will be common and the CFL will be the bad boys the eco nuts will be hunting down.