LED is the future of the industry. It is 90% efficient, lasts 20 years and uses much less electricity than incandescent. Then again, in a 100 watt incandescent, only 10 watts is actual light while the other 90% is heat, so the bar is not that high.
There are two ways to buy a LED pendant:
Way 1 is to buy a LED pendant...seems obvious that you would buy a pendant with the LED driver built into the housing. This is, however, less common.
Way 2 is to buy any low voltage pendant and place a LED light bulb inside. Like this bar inside the Mandalay Bay.
LED Pendants...How to and if you should buy:
1. If you are buying the bulb, you want the bulb to be rated at 2700-3200 Kelvins to produce desirable light. LED will render blueish if it is not rated as such.
2. You need special dimmers. Regular dimmers cannot dim a light source that low.
3. Is this task or decorative? If you are not using this light often, the ROI on LED will probably be almost nonexistent. It is better to use LED in light sources like recessed or track, which are more frequently used.