I'm using a LED converted cheapo student lamp very similar to John's pic. One for the mill, one for the scroll saw, one for the lathe.... Ugh! They are OK but I still want better. I've had issues with the some of the mag bases magnets not really sticking too well. Could be low magnetic strength or machine being cast iron or bondo/paint... On the mill I have the base attached to steel cover plate which sticks much better than CI but still not really in a great position. I guess I could tap the machine if I really liked the lamp.
I learned from previous experience you don't want exposed old school bulbs or halogen, basically anything hot unless its well shielded. Because any kind of liquid even just slinging a bit of tapping oil can make the bulb shatter. That's another advantage of LED aside from brightness & wattage, they run quite cool.
When I eventually do the ceiling florescent to LED conversion I'm hoping for much better ambient light & hopefully get rid of these add-ons. I'm thinking of stringing two 48" ceiling fixtures laterally on either side of the mill, which should also help the lathe situation right beside. I hate dingy light. Maybe an age thing but finding it hard to work on things you cant properly see .