LED Street Lights are Coming

"Of course, LED are still kind of expensive, so there's a capital cost. But once they are in place, their operating costs are lower and they can last for a very long time. Another benefit is that you can direct light much more easily, so you can avoid sending light in all directions (people with a street light across the street from their bedroom window will understand...)."

http://www.treehugger.com/files/2008/05/led-street-lights-lamps-germany.php