I would still vote CFLs, if you buy the right ones you can get the same light levels without the waste. I use envirolites which are basically energy saving lamps, but of course much more powerful. But even so, due to their design they give out much much less heat, so can be placed a few inches above plants without burning them. Light from bulbs halves every foot, so the closer the plants are the less light you waste. Whats more, these bulbs only give off light at the frequencies plants really want, so again wasting less. As long as your not growing in a windowless cellar then the plants will be fine.
Such low heat levels mean I could build my reflector from some tin foil and carboard, works fine, cost 50p, and doesnt burn
My bulb is a 125Watt and provides enough light for Catts not directly under the bulb to flower, and has boosted all plant growth substantially. They can be bought up to 250watts (possibly more).
More info here:
Envirolites indoor hydroponic envirolite grow lights, grow cabinets and reflectors.