LED Hot Lights

[morydd]

I don't currently own any lighting for photography, but I'm a theater lighting tech for my "real job". A lot of theatrical lighting is (very slowly) starting to incorporate LED's. Has there been any work done with them in photoraphy. I've alway thought that hotlights would be better from the standpoint of seeing what you're getting, and being less annoying in general to the subject. However, the heat and energy consumption are big negatives. LED's seem to solve those two problems.

Would MR-16 LED lamps be a good option for some accent light/ small scale lighting?

Just curious for thoughts right now.