What is COB LED and why is it great?

Most people are aware of the original SMD (Surface Mount Device) LED technology but there is now a new kid on the block - COB.
COB "Chip On Board" is a new LED technology where a number of LEDs (Light Emitting Diode) chips are packed close together as one lighting module.
They appear as one LED chip as apposed to the original SMD technology of having individual LEDs scattered across a surface.
Placing these diodes close together gives the COB LED a super bright light output for the small space they occupy.
This allows for a brighter light output for the energy consumed in comparison to SMD LED making COB more energy efficient.
COB LED is also designed with improved heat sink technology for longer life.
These globes have an average lifespan of 40,000 - 50,000 hours.