Yes, the price tag is a bit steep, however, this lamp lights up more than 3 lamps used to. So Im saving electricity between the LED and lack of other lights. My favorite part is that there's a remote. Now I can leave the remote on the night stand, and dim the light when Im watching tv. The touch feature is also nice once you figure out where to touch to make it do different colors and brightness. I have a 26x28 foot bedroom and this does a great job of illuminating the whole thing. Sure, not everywhere in the room is daylight bright, but its a heck of a lot better than old style lamps. Plus, you can bend the neck and have it push the brightness in different directions. Perfect for large rooms so you can bounce the light off of walls and the ceiling. 

I also used this for some photography with a bounce board. It was great to have set up studio style and is more functional than buying a dedicated studio lighting set.