Hmm… maybe put a little more analysis into it:
For DCC / fixed track voltage, no question, you put 3 leds in series drawing 10-20 ma total, way more efficient than a single incandescent bulb pulling 50-70 ma.
Now, on variable track voltage, you have to determine what “speed” you are optimized for… at higher speeds, the leds in series are again way more efficient than bulbs.
At lower voltages, you cannot run a bunch of LEDs in series, but most modern LEDs will be plenty bright at 10ma, so still 3 in parallel are almost half the current of a single incandescent bulb.
And Dan, your final sentence is flawed a bit… yes comparing 2 leds in series with one bulb means you need 10v on the track for full brightness BUT (here is the flaw)… if you are comparing to an 18v bulb in the loco, then how bright is your 18v bulb at 10v? Not very bright, so this comparison is actually flawed. NEITHER the LEDs nor the bulb will be at full brightness.
You could have 5v bulbs with a 5v regulator, and get full brightness at about 7.5 volts, but what has been gained?
So, really the bottom line is if you run variable DC, you will not be as efficient (or bright) at low voltages. The best setup for brightness is low voltage bulbs and a regulator, the most inefficient you can get.
Greg