Depending on the optic, LEDs can easily have MORE penatration than even MH. When last working on my hood that includes MH, T5HO, and Cree LED, I saw some suprizing results.
With 4 MH's all on and 12x T5HO bulbs all shining on the ceiling, the ceiling looked very bright. When I turned on the LEDs, I could clearly see each of the blue spots on the ceiling. They were not washed out by even 4MH bulbs and 12x T5HO. It suprized me so much I took some photos, and I could find them and post them if anyone wants to see.
Meaureing with my Lux meter (not a PAR meter), the hot spots of the LED's indicated over double the Lux that the 4x MH acheived at the same distance (~8ft).
With the right optic, LED's can penatrate deeper than most all other forms of lighting. It is their strong point, not their weakness.
Best Wishes,
-Luke