You're OK. And the 75 watters will be available for only about another year. Some CFLs are not suitable for enclosed fixtures. Choose substitute lamps carefully.

This is the foil and insulation that are part of the fixture?

They are designed to try and reflect some of the heat from the bulb away from the fixture wiring ad the junction box under the fixture.

As long as you do not over lamp the fixture you should be fine.

Brickeye- Yes its the foil and insulation in the fixture itself I am refering to. Thanks for your response.

busdriver- thanks for your response as well. Your both very knowledgable.

It just seems off that something "fabric like" in nature is so close to a hot lamp. I have considered putting in a CFL since they run cool but since its enclosed I havent done so for the reason you mention.

CFL are great but I will be stocking up on incandescents no doubt before next year, I will still use them no doubt.

"It just seems off that something "fabric like" in nature is so close to a hot lamp."

Fiberglass is not flammable, nor is the metal foil.