what keeps someone from using the 10-20 cent leds and just run a ton of them?
Check back a page, I answered that question the first time you asked it. It boils down to three things. The first is efficiency. HP LEDs are more efficient (i.e. cheaper to run) than typical high brightness LEDs.
Let's come up with some examples, using a big tank. If you wanted X amount of light, let's assume you could get that from 200 XR-E Q5 cool white LEDs. That fixture would probably cost you $2000 to build, and it would consume ~500w of power (most people run these at 700mA, which is around 2.5w). To run this fixture for 10 years at 12 cents per kwh (the national average), you'll pay around $200 per year, so $2000 for 10 years. Total cost of ownership, considering build cost and power consumption: $4000.
If we are getting ~80 lumens/watt from this fixture, that's 40,000 lumens.
Typical high brightness LEDs (in 5mm packages) might do 20 lumens/watt. So, to get the same intensity, you'd need ~2,000w of HP LEDs. That's going to cost you around $800 per year in power, or $8,000 for 10 years. Even if the fixture was
free it would cost twice as much to actually use it over 10 years.
The second reason why typical high brightness LEDs won't work is thermal management. As I said above, a good HP LED (i.e. Cree XR-E) is designed to allow you to get the heat out in a "nice" and controllable way. Cram a few thousand 5mm LEDs onto a PCB, and you're going to start a fire. Even if you found 5mm LEDs that allowed you to build an equivalent fixture that didn't put out any more heat than HP LEDs, you have
no way to manage that heat. So it's going to be a VERY difficult thing to keep the fixture from self destructing.
Thirdly, it's just a matter of density. I think your estimation that 500 cheap LEDs is equivalent to 100 HP LEDs is a little off. An HP LED is just SO much more intense than a typical 5mm high brightness LED that you would have a very difficult time physically fitting enough 5mm LEDs onto a PCB to get the same light density (i.e. output per square inch of fixture.)
If you want to try a fixture with normal LEDs, please by all means do, but IMHO it's going to be a difficult or impossible process to meet the performance and long-term economy of HP LEDs.