In reply to sutty: I think your maths may be a bit out.
A 50w bulb uses .05 of a unit of electricity (=1kWh) every hour. Run it non-stop for a year and it will use 438 units. I pay ~12p per unit for electricity so that's £52.56. It's very unlikely that anyone would leave a 50w bulb on for a whole year but say it was in a high-usage area like a kitchen and it was on for three hours a day, that's still £6.57 per year.
Replace it with an 11w CFL and you would save more than £5 a year, which means that for example the Megaman 11w CFL at £8.98 from B&Q would pay for itself inside two years. The payback is even quicker if you factor in the cost of buying a replacement halogen bulb within that time frame, which my experience suggests is not unrealistic - I'm pretty sure that I have had to replace every single halogen bulb in our kitchen at least once since we finished the re-vamp about a year ago. I'd fit CFLs if they would fit in the lampholders. Looking at those sums I think it might be time to have a word with she who must be obeyed about changing the fitting...
If you don't trust my calculations, try this web site instead:
http://www.ukpower.co.uk/tools/running_costs_electricity/
If you were to use LED instead of CFL then, based on the recommendation to use a 7.9w LED bulb for a 50w halogen, you would save about another 50p per year. Given the costs of high power LED bulbs, this doesn't stack up for me (regardless of whether they perform as well as CFLs or halogens in other ways, which I don't think they do). For example, this Megaman 7W LED bulb
http://www.energybulbs.co.uk/products/LED+Light+Bulbs/High+Performance+LEDs... costs £30. That's more than three times the price of the equivalent GU10 CFL, and it still wouldn't fit in my current lampholders. Note also that it is only listed as being equivalent to a 35w halogen, not 50w.
I do not think that LED technology has yet reached the point where it represents a cost-effective, easy and practical reaplcement for existing halogen bulbs. At the moment I believe that CFLs still have a significant edge over LEDs, especially since they are coming out in more and more different fittings and styles.