I hate posting resume stuff and all of that, but I have a Masters in Engineering from a Top-20 school, took five high level classes on quantum mechanics (a photon is a quantum for those who don't know) and studied LED a lot - believe it or not, they have not fundamentally changed much since the 1920s. My roommate in college is now an Engineer at Phillips in Germany working on LEDs - we still talk a lot. What kevensquint is saying is more real in the actual science than what gets passed around by most reefers and especially most manufacturers. What most people think is fair and balanced has usually come from other reefers, isolation from a single study or two or is BS from a panel manufacturer - most of it does not hold much water in the real world.
The bottom line is that the only savings from ANY light source is by cutting spectrum and keeping intensity high (LED) or just cutting intensity (less of another source... 250W Halide vs a 400W Halide, for example). A quantum from a LED with a wide spectrum and the same amount of energy will take the same wall power as a MH or any other source. There is no way around this. None. The science is there to produce LEDs that are broad spectrum, but there is no energy savings and some of the early wide spectrum diodes use more energy (they will get better).
I think that one positive that LED brought is a sense that most folks never needed as much power as they might have once had. A mixed reef did not need 4x400W MH and a pile of T5s at 1500W to do quite well. Sure, LEDs can do that job for 1/3 the wattage, but so could lower wattage metal halides or less T5 bulbs.
Although I don't recommend this to anybody, taking a Quantum Mechanics class at a local JUCO could do more for enlightenment on this subject than anything from a message board, BRS article, manufacturer paperwork or any of the other siloed information that is passed around as fact. When you understand what is in the particle, you can understand how it gets created.
Kevensquint - I used to try and persuade folks to stick around and fight any fight worth fighting, but I cannot do that anymore. I am sorry to see you go. I probably will be gone soon - I just can no longer argue with a guy (not on this post) who shows badly colored, misshapen stick and has all of the knowledge that anybody could ever have and discounts the advice of the experienced. I just don't need it anymore.