Devil's advocate

(Before anyone starts any conspiracies, I have no vested interest in any lighting system and am not affiliated with PFO. I run t-5's and NO fluorescents and am happy)
from PFO's website, regarding heat created:
"The new H4 series produces PAR light output levels equal to a 400W MH 20k. It uses 40% less energy than the 400W MH 20k fixtures it replaces. The life of the LEDs is approximately 50,000 hours, so it almost eliminates metal halide and fluorescent bulb replacements. All heat is radiated up and away from the tank; therefore, it does not heat the water like Metal Halides or Fluorescents. This eliminates the need for Chillers. The room air conditioner needs to work ½ as much since the light fixture produces only ½ the heat of Metal Halides which saves even more energy over traditional lighting methods. "
So it appears that yes, it will heat the room like any other light fixture would, but 40% less than the equivalent MH, so your air conditioner will have to work 40% less. And since the heat isn't going into the tank, if the room is air conditioned, a chiller may be unnecessary (pumps/powerheads etc in your tank may still cause a lot of heat).
There is a really nice comparison of MH to the Solaris at
http://www.advancedaquarist.com/2006/8/review2
In it, they measure the above temp claim, and find it to be true (or even better): the fixture temp close to the tank remained at their room temperature, while the fixture away from the tank rose only by 1 degree C.
Also, at this page
http://www.solarisled.com/FAQTechnical/SolarisCostSavings/tabid/65/Default.aspx
They have a cost calculator which figures how long it will take the Solaris to pay for itself. Some of their default estimates are off, but you can plug in your own and do the math.