As mentioned elsewhere, I've just finished my LED taillight conversion. (Yay!)
This comprises a ring of 20 so-called 1/2 watt (actually nearer 1/4 watt) 8mm RED strawhat LEDs mounted in holes drilled in the reflector, a center 3 watt MR16 (12V) LED bulb, plus a constant-voltage driver circuit. The outer ring of 8mm LEDs are lit in 'low' mode for the standard lights, then are lit in 'high' mode, along with the center MR16 bulb for brakes and turn signals.
I got the 8mm LEDs off eBay in a pack of 50 for around $20.
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The driver components were from Digikey ~$15, and the MR16's off eBay for ~$10. Plus some bits and pieces I had in my spares boxes

The final result looks like this (hazards on in daylight):
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Plus here's a quick video comparison taken at night with the new LED cluster on the left and old OEM bulb on the right. Note the thermal delay of the incandescent bulb...
http://s949.photobucket.com/albums/ad339/TomatoSoup_GXP/?action=view¤t=LEDTailComparison.mp4The following posts will show photos of the various stages of this. A lot of work, but I'm very happy with the result... although the photos don't really do them justice, they are brighter than the OEMs, a nicer red color, and of course they have that much sharper and more noticeable on-off transition that LEDs have over regular bulbs.
One final note: no load resistors were required to avoid hyper-flashing. Even when I was testing with just the 3 watt MR16 bulbs alone there was enough current flow for the car not to do the hyper-flash "bulb out" warning.