I have to add a little bit to what Dean has already said. I brewed up my own LED landing/taxi lights and have been using them for a while now. Mine are mounted in the nosebowl so wig-wag isn't really a meaningful option. But what Dean has mentioned about changing the paradigm concerning landing lights is right on the money. We typically don't use our landing lights as anti-collision lights simply because they burn out too quickly. LED's change this picture entirely. My LED taxi light is on ALL THE TIME.
How effective is it, you ask? Well, let's start with the facts. The taxi light is a simple light using 3 x 3W LED elements. My "landing light" configuration is just double this, the taxi light plus an additional 3 x 3W LED elements. In fact these LED's aren't running at anything close to 3W but rather have been grossly derated to ensure they don't encounter heat stress in the engine cowling, so I'm estimating their actual dissipation is closer to 2W each.
Now just how visible are they? As an anti-collision light I have to think they're well worth their cost. I've had several aircraft comment on their visibility, but so far only one encounter where I've been able to accurately measure the distance at which these lights were reported to be clearly visible. A fellow EAA Chapter member approached our airport from the southeast while I was approaching from the northwest with a setting sun behind me. As we both called in on the MF he indicated he wasn't sure where I was, didn't have visual contact. At that point I turned on my landing light and he immediately confirmed visual contact. The distance between our aircraft was 8.25 statute miles. His comment when we chatted on the ground afterward was, "Holy cr@p that thing's bright. You looked like a star in the sky."
For whatever extra dollars an LED landing light might cost, you're getting a lot of added benefit in anti-collision lighting. I firmly believe the benefit of being able to run the LED landing light all the time is worth far more than the cost delta associated with purchasing the LED's. Of course, your mileage may vary... ;-)