Pros: low power, omnidirectional
Cons: not very bright, uneven light
At 120 lumens this LED lamp is about equivalent to a 15-20-watt incandescent light bulb. It would make a great nightlight for a bathroom or hallway (for example), as it only consumes 1.5 watts (and thus has an efficacy of 80 lumens per watt, pretty good for an LED lamp). I measured it with my Watt's Up meter and it registered at 1.4-1.5 watts. The light it casts is uneven though (bright spots here and there), but for purposes of a nightlight that will be less of a problem than for general illumination.
Cost-per-megalumen-hour comes out like this, using $0.10/kWh and assuming a 60,000-hour lifetime (which I am not convinced is the case but the people at LEDLight.com tell me that all their LED lamps have this same lifetime):
dollars-per-mlh = 4.24837
For reference, a really good CFL comes out near $2.50/mlh and a really good LED lamp is around $3.00/mlh (as of the time of this review), again using $0.10/kWh as the cost of electricity.