What they DRAW on power is really irrelevant, I dont care how many claim this ain't so. It's a totally silly metric "how much they draw" because different lights can be more/less efficient. My 4W LED here in the kitchen is as bright as a 45W Halogen. It's not 10x darker...according to that logic
The 48x5 is called so because it has 48 LEDs at 5W each, the 300W "old style" each have 60 LEDs. Alone from that logic it's clear the 60 LEDs are "brighter". While the reflector and the switch are "nice" I'd rather take the light with the more LEDs, especially if he can get TWO of them. (I assume the LEDs itself are the same, 5W Epistar)
Old-style: 140W-150W power usage, 300W theoretical from the LEDs (60x5), although the LEDs are driven at less than 5V
Small reflector: 105W power usage, 48 Leds = 240W. So we're looking at a theoretical 240W vs. 300W "light" output.
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The old style 300 are actually 130w. So you are really looking at 260 vs 240
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Nope, you're looking at the actual power draw of the old-style (130W) vs the 240W LED ourput of the small reflector. You cannot compare those two things.
Even ONE old-style (in my opinion) is better than one small reflector, let alone if he can get two old-style for cheap/the same price. I really don't think that the added reflector "makes good" for the fact it has less LEDs.