My understanding is dimming LEDS doesn't save on the 10w. Whereas dimming a 40w incandescent, is a huge saving vs having it on full blast. Though there seems to be some confusion on this. Apparently the dimmer uses up some electricity also.
Would be great to find out the proper answer to this.
The driver circuit for a LED is basically the same thing as the box powering your PC, it's a switched mode PS. LEDs require a constant current (Cree would be say 2.8A) so there is a small modification to the power supply to allow this (basically the output current reading is fed back into the control circuit to regulate the output), so the voltage goes up and down but the current stays the same.
To control the output of a LED you just need to control the current going into it. The driver circuit probably operates at 90-85% efficiency so really it consumes very little, so any change of output will be proportional to the input. A tungsten dimmer would be much the same, although physically less complex (a triac, a capacitor and a resistor)
Ideally you would directly control the LED driver itself, but some products just regulate the voltage being applied to the driver circuit, which isn't quite so elegant.
A Tungsten light is dimmed by chopping the AC input into pulses, the voltage averages out and so the current through the filament changes.
They are probably only 5% efficient, so you could turn it right down and it will still be using more than a LED
40W tungsten 12 lm/W
XM-L cree 100lm/W
Energy isn't lost either way, it's either being used to light your home or heat your home, but you don't buy lightbulbs to keep you warm.
At the moment I don't like any of the products, cramming all the control gear into the same GU10 package as the LED is just asking for heat induced failure, which possibly accounts for their current reputation.
I prefer LED strip lights with a proper driver, but that's a format not acceptable at the moment.