Thanks for this post Chauncey. I didn't realize that the Lifx bulb is a wi-fi bulb. I also don't know whether it supports encryption. Even if it does support WPA2, can it be patched against the recently announced WPA2 vulnerability? A wi-fi connected IOT device is a potential entry point into your network by the bad guys, so this can get messy.
Security issues aside, ideally I would like to see a smart bulb base with replaceable standardized RGB arrays, so if the LEDs burn out or get dim, you don't have to throw out a perfectly usable radio transceiver with it when you replace it.