Myths and facts:
Myth # 1 - they are dangerous because they contain mercury
Fact: ALL fluorescent bulbs contain mercury. CFLs (spirals) contain less mercury than the tubular bulbs that have been around for 75 years, and modern CFLs contain less mercury than bulbs produced 5 years ago. In modern CFLs, the mercury is in the form of an amalgam similar to the material used in dental fillings. The amount of mercury in one CFL is less than the amount that is released into the air by a coal-fired power plant as it produces the energy consumed by that bulb.
Myth #2 - they are dangerous around machines because of the stroboscopic effect - they actually flicker, and that flickering effect can create the perception of stopping the motion of moving machinery. That flickering can also lead to headaches.
Fact - these are legitimate concerns with tubular bulbs in less-expensive fixtures with magnetic ballasts. Commercial applications of conventional tubular fluorescent bulbs were often supplied through motor-generators sets that produced a 400Hz output in order to minimize the headache problem. But CFLs have electronic ballasts that cause them to operate far higher frequencies - up in the kilohertz region, and while the flickering effect is still there, the fact that it's at a higher frequency means that there is actually very little real stroboscopic or physiological effect.
Myth #3 - they take forever to achieve full light output
Fact - all fluorescent lamps require that the internal temperature rise to the point where the mercury amalgam vaporizes, and that takes time. In the case of modern CFLs, the time to full light output is typically in the range of 4-5 minutes, but in most cases, the output is close enough to maximum after about a minute that the change between that point and the output after multiple minutes is not perceptible to the human eye. A notable exception, however, is where bulb is in a cold environment. CFLs are not ideal for outdoor applications in cold climates where the on-time is fairly short (eg, outdoor security lighting operated by a motion sensor).
Myth #4 - LED lighting will soon displace CFLs and will be even more energy efficient
Fact - the energy efficiency of practical LED lighting is no better than that of CFLs. Where LEDs excel is with longer life expectancy - 50,000 hours versus 10,000 with the best available CFL technology. LED replacements for some applications are already available, but they are more expensive. The most likely scenario is that LED technology will appear in specialized applications - display lighting, for example - long before it becomes practical for general area lighting. And while the cost of LEDs will continue to decline, the cost of LED lighting won't change as rapidly. The reason is that practical LED lighting requires two things that will keep the actual cost up - a 'driver' (aka a power supply) and a heat sink to dispose of the wasted heat energy produced by the LED.