As I say, it is inaccurate to the tune of about 30% these days, so the garden floodlight will be more like £750, and the TV more like 13 pence.
But the same comparative conclusions usually still hold good. It also provides easy calculations to be made if, say, you're in town and see some LED light bulbs. You might say...
Let's say this bulb saves 20W when it is on, which would be, say, £20 per year saving if lit 24/7. Now correct for that by saying it is only on for 6 hours a day, which or a quarter of the time, so let's call it £5 a year saving. But it used less in summer, so round it down to £3. If you like round it up a bit to allow for the real price, say £4 to £5 year...
..Which then enables you to make a well-reasoned decision, to buy or not to buy, based on savings vs the cost of the bulb. Without any need for calculators, and without having to take any notice of the sales pitch.