LED rear projection DLP is supposed to be out this year. But, I have a feeling that practical home use LED front projection is still several years away at the earliest.
Yes, it is the future. As is 1080p. Multiple LEDs in many colors open the doorway to more natural colors as well and may lead to much better black levels depending on the setup.
LED benefits? 20,000 hour+ lamp life (!!!)
Zero warm up time - instant on
Zero cool down time - instant off
Not hot - no more cooling fans
Reduce moving parts in projector
No color wheel... no rainbows
Likely will have a high cost to manufacturer at first, but I believe the final product will be much more automated than current high pressure lamps that are in use now. Heck, for the lamp life I would happily pay $1,000 more for the original projector just to get it!
I wouldn't wait though - get the projector now.