I have been watching LEDs for years and watched as friends moved that direction and told us about the quality of the grows and tried to estimate some sort of correlation that could be measured between their new lights and traditional HID. The science tells me that all the plants care about is the frequency of the light and its intensity. My power bill tells me why light only in the useful spectrum is so much more efficient, and not just short time, but over the claimed lifespan of these lights, before ANY degradation happens.
For years we have estimated that it takes half the wattage to grow the same pot when comparing LED to HID. 300 watts of LED equals 600 watts of HID. I am starting to question whether this ratio might be a little higher, especially when you get above the 50w per square foot recommendation. LED just seems to have some advantages right out of the gate when it comes to short internodal lengths and the added activity in the water cycle, and that seems to be just hitting the surface of what is going on. The plants seem to be more active overall, under this focused light exactly optimized to their needs.
So it is all about how much actual wattage you are putting out. You can't go by the claims of many of the manufacturers of these new lights, because if they put 100 ten watt LED's on a panel, they are going to call it a 1000w light... but then to eliminate heat and lifespan issues, they drive those LEDs at only 10%, making it only draw 100w from the wall. Since LED light is twice as effective than HID, that 100w seems like a 200w light... but it certainly is not 1000w of light hitting your plants. Buyer beware...
I bought the cheapest LED arrays I could find, at the highest claimed wattage. I ended up with two 3000w lights to run in my 2x4 tent. I measured what they pull, each one of them about 360w. Side by side, that is a lot of light in that little tent. I have no heat problems and this light already seems to be more intense and superior to the 1200w of HID that I used to run. Time will tell, but I am highly interested in threads like this one where people are wondering exactly what I am... is it too good to be true?