Well, I now have a reason to rip apart something I've been using for less nefarious purposes... Home depot sells a 10w CREE LED light- warm white, 2700K, CRI in the high 80's. I got one and have been using it as a great little portable modeling light. Coupled with a pair of Interfit 150's and some creative reflector work, it makes for a cheap (under $350) and very usable portable portrait "studio" setup. I recently posted some shots taken with the CREE LED light.
However, there is a significant delay between applying power and the led actually striking.. enough that it's noticable. I'm sure that's a function of the driver circuit.
I should be able to place some type of control circuit in the works, and be able to use it... yet another hack to try 
Here's a shot from that series. No strobes were used for this shot, it was "Rembrandt" lit 45 degrees off subject on both sides with 75w of halogen at about three feet through silk softboxes for fill.. but the main direct lighting is that 10w CREE. It's quite visible in the shadow tones and uplighting.. the halogens are at her eye level. If anything, it's a bit too deep in rendering of the reds... I am not displeased with the rendering, it works really well if used in concert with more standard light sources.
