From the BBC:
The LEDs on the $1.1m (£550,000) New Year's Eve Ball that will descend on Monday will be able to create a kaleidoscope of colours and patterns on each of its 672 crystal triangular panels.
As well as being smaller and more energy efficient, the 9,576 lights will substantially increase the brightness to more than 625,000 lumens.
"I'm proud to be able to save energy and show off this technology to the world with such a special event," said Kaj den Daas, chairman of Philips Lighting, which made the LEDs.
I'm not exactly sure what a lumen is, except for being a way to measure the brightness of lights but it sure does sound exciting. I won't be there to see it first-hand, but cheers to the Times Sq revelers that have decided to mark the New Year by being outside in the cold. I'll be safe and warm down at a party in SoHo, but I am glad that the festivities will be going green for 2008.
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