I recently heard about the LIFX LED that will be funded by Kickstarter from a coworker.  If you aren't familiar with KickStarter, it's revolutionizing how ideas get funded.  Backers of a project don't have any ownership rights, but sometimes the project owner will give them benefits once the project is funded.  LIFX was initally offering backers who gave over $69 a bulb once it was produced.  Time Magazine just featured a nice article on crowd-sourcing website that focused on Kickstarter.  It looks like the LIFX LED exceeded its fundraising goal by a factor of 10 and they've now raised over 1 million bucks!

From the Kickstarter page:

What can I do with LIFX smartbulbs in my house?

• Control your lights from anywhere
• Choose any brightness for a specific bulb, a room or your whole house
• Create the colors to match any mood or decor
• Get notifications such as Twitter, Facebook, Texts and more
• Reduce your energy consumption and save money
• Visualise your music with animated colors
• Make an impression at your next dinner party
• Get creative with colors and effects
• Create a night light for your kids
• Security mode when you're on holidays
• Create groups of lights
• Robot dance like it's 1999

Can't wait to see this product once it is commercially available.  Interested to see what the price points will be.  Hopefully their vision becomes a reality!