Also compare the color rendering index ("CRI") which a good bulb should specify. 100 is "perfect" (or at least equivalent to a black box radiator such as the sun or an incandescent bulb). A CRI over 90 is pretty good; a CRI less than 80 is not so good, and in between is more or less typical mediocrity.
An LED lamp will produce less heat in total than an incandescent bulb, by a ratio pretty close to the actual power consumption ratios. Only about 10% or so of the actual power consumed by a LED light is converted into light; most of the rest becomes heat. (This is still much better than an incandescent bulb.) Where the heat is emited and how it is dissipated may vary greatly from an incandescent bulb, of course.