My predictions of what future improved LED's will be like:
-Diodes/chips being driven at higher wattages (say a 3w diode is able to run at 2.5w or even the full 3w's).
-Coverage becomes a stronger priority, we will see the physical size of the panels increase with a greater spread of the diodes.
-Better cooling with less fans and wasted juice, possibly liquid cooled or more practical "heat pipes" embedded into the heatsink.
The price will come down but not as fast as you think because the panels are getting more complicated as the components become cheaper to attain.
-A clear standard diode color pattern emerges that becomes a industry standard and has lots of data to back it up (kinda doubtful on this one).
Thats all I have right now...