I have Aqua Signal Series 25 housings on my boat for everything but the steaming light. I replaced all the bulbs with Dr LED Festoon Star bulbs (
http://www.doctorled.com/f16.htm). As I understand the legal process, it's impossible for them to be USCG certified as a replacement bulb due to the manufacturer of the housing needing to submit the it for certification review as a complete system, and using a different bulb. Therefore no matter what color / brightness the LED bulb outputs, it will always invalidate the original housing as a "certified system", but I'm willing to take my chances there (to my knowledge, at least for recreational use, the law does not require use of a "certified system" navigation light, it only requires certain color and brightness values to be used for your lights. Using a "certified system" essentially waives you of the responsibility of testing to ensure that you are in compliance with whatever navigation lights you decide to use on your boat, as the USCG has already verified/certified that light assembly as compliant to their specs).
The bulbs provide a much brighter and very vivid red and green color, unmistakable as NAV lights and much much easier to see both the brightness and the color from a distance than the certified incandescent bulbs that they replaced.
As the phrase goes, your boat your choice, so make your own decision, but for me this was a simple one. Great brightness and color, _very_ low current draw, direct bulb for bulb part swap with zero modifications needed, and if one ever burns out I can easily put a readily available festoon incandescent bulb available at any marine parts store (or my spare parts box) back in for an immediate repair.
As someone is bound to point out, by changing the bulb you run the risk of a legal battle should an accident occur, but with a product like the Dr LED bulbs designed specifically for this purpose for these exact housings, behind these exact lenses, I am certain I am within USCG specs, and even confident that I am exceeding them for brightness. Building your own LED Nav light bulbs, now that's another story, and I wouldn't attempt or suggest anyone do so who isn't an EE / optical engineer, because then it is truly 100% on you...