theatrus
100-mile-commuter
It has been 6+ years with LED and we only still have the same promises as back on 2009-2010. It always "needs more time," "better understanding by the user," "better blend of colors," "too intense," or whatever have you. Not much has changed over the years. When is enough enough? T5 never took that long to get good.
Mass adoption of LED lighting pushing high efficiencies and better spectral mixes? There are a huge number of lighting products available now which didn't exist 6 years ago.
He is what I do not understand... say that you PWM a LED... does the sine wave drop off to zero when the PWM kicks in? Does the wave look digital if we had good equipment to analyze it? I know that all electricity has cycles, but the plasma/gas in a tube or MH bulb continues to burn which should keep the sine wave very steady.
Its somewhat complicated by the exact setup, but without any output capacitors (common for high frequency PWM), the intensity does drop to 0 within microseconds (parasitic capacitance and wire inductance control this). Using any rolling shutter (phone) camera will let you get a wag on the frequency by the banding lines marching across the screen

A camera with a high framerate (say 240fps+) can capture an approximation of the flashes from a magnetic ballast HID lamp; it would look like a strobe light. Higher frequency electronic ballasts would not be visible as gas lamps don't drop to 0 output as fast as a diode would.
Its quite possible to provide dimming by adjusting the actual current limit of the switch mode cycles (usually +/-20% peak to peak, and run at a biologically improbably frequency), but I doubt as many people bother. The commercial fixtures don't generally advertise what they do, and I don't own any to tear down to see what their control scheme is.