From Wikipedia:
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The creators of Blackle have been criticised for lack of clarity regarding the type, size and manufacturer of monitor that the power usage claims refer to. One critic, a technology journalist who reviews computer hardware, tested 4 cathode ray tube (CRT) monitors and 23 liquid crystal display (LCD) monitors, and found that power was saved by the CRT monitors, but was less than that claimed by the blog post that inspired Blackle. The LCD monitors tested showed increased power use in the majority of cases, although most of the larger (24 inch) monitors did use less power displaying a black screen.
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Hmmmmm. I don't think I'll be switching anytime soon.