The invention is a replacement for a conventional incandescent or halogen light bulb. Besides providing regular illumination, it has advantages over a conventional bulb while maintaining the bulb's decorative function, such as visual effects associated with the bulb's envelope or shade. The invention comprises a connector equivalent to a standard light bulb base, at least one light emitting diode (LED), and a driving circuit hosted on a module such as a printed circuit board and adapting the supply voltage to the requirements of the LED. Compensation for the effects of temperature may be included. The invention may also include other circuitry to support various enhanced features such as novel decorative features or control over the brightness, color, or other characteristics—all potentially varying over time or being controlled remotely.