These remote controlled, dimmable, multi-colored LED lightbulbs use only 5 Watts and have a 10,000 hour lifetime.
By using the remote control, you can pick from 16 colors including white, how cool is that? I'd like to have these all over my house; I guess I'm into mood lighting. They can be found at sites such as Uncrate, ThinkGeek and DealExtreme which lists the lightbulb at $32.51.
Implications - The multicolored light bulb would be great to have for parties or school dances. They are compatible with standard light sockets, so you can enjoy mood lighting pretty much anywhere. The lightbulb comes with modes such as flash, strobe, fade, and smooth.