This looks really cool. I'm not sure if it is ready to replace either a street light or a very efficient LED flashlight, though. At 140 lumens a watt, it is very efficient, but no better than some of the prototype LED lights out there (this wiki page has some links on it to some great lights in development). I think the great thing about the light in the article is that is can produce huge amounts of light (at higher wattage) and produce it as a nice spectrum. LEDs are great, but they are rather expensive for household (let alone street lighting) because you need so many of them. This technology may scale to a smaller wattage -- if not, backpackers will continue to use LEDs. Even if backpackers don't use this type of lighting, they (and others who appreciate the outdoors) will reap the benefits as this could save a lot of energy.
Similarly, I think the LED world is on the verge of making numerous improvements. I feel like it is at the stage flash drives were five years ago (or hard drives ten years ago or CPUs twenty years ago). Having said all that, I'm not much of a lighting geek, so perhaps those more knowledgeable than me would care to comment.