Hehehe.. all I was thinking is that skipping a wall wart could be done 
I mean, at a lower voltage (say 12v), I would need to run three in series then a resistor, and repeat many times. For a hundred LED's, that means I would need thirty three resistors. Running the higher voltage means running more LED's in series, simplifying the construction. I am well known for my ebay bottom feeding for bulk LEDs and such, I have about three hundred UV (400-405nm) sitting in a bin next to me. This begs to be made into a very precise UV strobe.
Though it may LOOK like LED's are on continuously when connected to half-wave AC (or "bounding" full-wave rectified, unfiltered DC), they would in fact be flickering, and at a rate that would be very noticable with motion.. and noticably dimmed in terms of what you would see. Conversion to DC so that the LED's are driven continuously is pretty much a given. The big ole electrolytic is there to smooth out the voltage dropout that is happening at 120hz (2x line frequency) and provide what is hopefully "clean" enough DC to the LED's to allow them to operate without flicker.
This concept becomes even more appealing as I am thinking about the scads of power LED's I have around.. I have gotten 1 watters as cheap as ten cents each delivered, I probably have a solid hundred whites in various temps. You'll find them on ebay in lots of ten for between one and two dollars for white, around twice that for Red,Green and Blue, and UV or Infrared are still around fifty cents a watt. Great little emitters for cheap money, they need to be heatsunk though. I've had a lot of good luck just plopping on some metal with some white lithium grease as heatsink compound. I've gotten ten watters for around a dollar each, and those want in the range of 9-12v at 1A. I typically have been running these from around 12v with a current limiter built from LM317s and 1.2ohm resistors. I may even have ten, which would bring us into mains range.... as I have discovered, it is now more expensive to build the circuits to POWER led's than it is to buy the LED's themselves. Since I use this stuff in high wattages to do special effects photography, alternate ways of driving these high power arrays are always welcome. It may sound crazy to run 100 watts of white LED's, but in many cases I am simulating a xenon photo strobe-- and that's a heck of a lot of watt-seconds I am trying to emulate.. my current photo strobe project is now approaching five hundred watts of LED's.
I never said this was a GOOD idea...