I'm not defending the incandescent ban, because I think it's government intrusion into our lives, but I used to do research into energy efficient lighting.
Over the lifetime of an incandescent lamp, more mercury is emitted into the atmosphere through the power plant emissions (because the lower efficiency requires more electricity) than is contained in the compact fluorescent lamp. And the mercury that power plants emit is the "bio-available" type that ends up in the water and is taken up by organisms. Most of the mercury in lamps is not.
That's not much consolation if one breaks on your floor, however.
And the light quality is another issue, although if you pay more, you get a fuller spectrum. If you buy bargain-basement CFLs, the color quality is horrendous.
LED's will solve the mercury issue, but will not solve the color issue. They are generating light in the same way as fluorescents, where a light source, the diode, produces a single color, and then phosphors convert the light (UV or blue in today's technology) into red, green, and blue to simulate a full spectrum. So you will still get the discontinuous spectrum that a fluorescent produces. But, no mercury, and virtually infinite life, which is nice.