Compact fluorescent bulbs are one of the easiest and painless ways save electricity and money. They have come down so much in price that the payoff is today, not a year from now. A compact fluorescent can be found on sale for under $3.00/bulb. Nearly every light in our home, from the recessed lights, to the lamps, to the pendant lights has fluorescent bulbs. We estimate a monthly savings of about $5.00 off our electric bill. Additionally, the bulbs last up to 10 times longer than a regular light bulb.
For a thorough comparison to incandescent bulbs, here is a link from the U.S. Dept. of Energy, One drawback of fluorescent bulbs is that they take longer to warm up, so in colder temperatures, they start off rather dim. I think it's a small inconvenience when compared to the energy and financial savings.