Better circuit design, better software, use of additional components and semiconductors.
Huh? LEDs are most certainly dimmible, and able to be much more precisely controlled than incandescents, whose brightness can vary dramatically and over time given the same amount of current.
Now, replacing incandescents with LEDs without changing the circuit and software, I can see there being issues. Older machines were designed to make use of the delays in/out of bulbs but LEDs can emulate that behavior - the software and circuits just need to be adjusted to compensate.
That fade-up, fade-down effect with incandesents can be easily emulated with LEDs and capacitors.
Incandescent bulbs are old, obsolete technology. It's entirely possible to design an LED-based circuit that could almost perfectly emulate incandescents. The problem is, you won't see what is possible if you stick LEDs in an old circuit; the circuit needs revising... this is what I'm saying.. if you're going to design an all-new machine, re-do the circuits to take advantage of the new technology...
For example, there are now RGB LEDs... you can have one LED emulate an entire rainbow of colors. Instead of having a playfield illumination setup using a single color scheme, with LEDs you could make each mode have dramatically different lighting and color effects. This one change alone would be totally amazing. And all it takes is redesigning the lighting circuit and using LEDs. It's not necessarily that much more expensive than the old way.
Check out some of the cool things people are doing with 20 cent LEDs:
http://www.youtube.com/watch?v=_cLLyfop3QI
http://www.youtube.com/watch?v=EkrZbBEqcjo