How efficient are compact fluorescent lamps?

The Australian Government wants to ban the use of incandescent lamps. The German Minister for the Environment approves and is thinking of taking up the idea. Replacing an incandescent bulb by a compact fluorescent lamp (CFL) does indeed save around 75 % of the energy consumed. But how feasible is it to try and replace all existing incandescents by CFLs? Are today’s CFLs up to the job, or are technical improvements still required? And what about the alternatives? Are there any other light sources of equally high-efficiency as CFLs but without the disadvantages?