I'm a real lighting technogeek and have been researching the topic of more efficient lighting for a long long time.What I have found is that the claims around LED lights are misleading at best.
The idea that LEDs are much more efficient than other forms of lighting came from red, green and amber LEDs which, I believe, are direct immitters.
White light is not so simple to create and white LED emmitters use phosphors to generate white light. That is: they use phosphors to convert light generated by an emmitter to white light.
The efficiency just isn't there.
Heres a simple comparison. Go to the Lumileds site and take a look at the initial lumens per watt generated by their best white LED. It is 40 lumens/watt.
Now go to the manufacturer of any MH bulb and look at the initial lumens per watt for any MH bulb. You will be looking at somewhere in the 90 to 100 lumens/watt range. Some of the high K specialty bulbs probably have a lower rating
Now, this dosn't speak to the quality of light generated by each source or the amound of light you can direct down towards your tank (the LUMILEDS leds are 18 degree emmitters), but thats one heck of a difference for LEDs to make up to live up to their claims.
Another way to look at LED efficiency is by their common use. If white LEDs were so much more efficient thant their competitors, they would be the primary backlight in displays from computer monitors to large screen flat pannel TVs. Yet this is the first year we are actually seeing LEDs as backlights in fp TVs and the reason for using them is the quality of light they generate, not their efficiency.
Because the current LED technology uses phosphors, I do not think they will ever reach efficiencies better than the current Fluorescent technology.
Now, if you want to look at a light source that may offer much higher efficiencies, take a look at carbon nanotube lighting. Unfortunately, they are just now producing the first prototypes, so it may be a year or ten before we see anything practical for aquarium applications. It really is a cool technology though!!
Fred