Simple - but with one flaw: they're very inefficient.
As mentioned a number of times before they are quite efficient! 95% ? The worst you're likely to find would be 97-98% efficient!
What alternatives are there?
Well, if you're prepared to switch to DC, you could try a plain old voltage divider circuit. It's just two resistors! ...and a great big heat sink to take the heat from the resistors away.
Then there is a voltage regulator circuit. They too just cause the extra voltage to turn to heat.
The physics teacher that I had when I started my second diploma course enjoyed rambleing on and on about the formula that can be used to work out what value capacitor is required to run a red LED from the mains! The formula contained Pi, and all sorts of things.
So, there you have it. There are alternatives, but they don't really have many advantages (except for size and weight). And they're all less efficient.