Cree's PAR38 LED uses 18 watts to put out 1,500 lumens of light. The PAR38 bulb shape reflects and focuses the light outward, like the headlight of a car. This makes it ideal for overhead recessed lighting setups.
Like all Cree bulbs, the PAR38 LED comes with a 10-year warranty. Unlike the others, which are only rated for dampness and humidity, the PAR38 is rated for wetness, too. This makes it an ideal outdoor light, since it can stand up to the rain.
This bulb has a 47-degree beam angle, which makes it a suitable for wide, general purpose flood lighting. A 27-degree beam angle version is also available for spot lighting that's tighter and more focused.
Cree sells its bulbs exclusively at Home Depot. The PAR38 LED won't arrive in stores for another few weeks, but you can buy it online today for a MSRP of $24.97. That's cheaper than most competing PAR38 LEDs of similar brightness, which typically sell for at least $30 or more.