I think there is a balance to consider. The L70 lifetime of LEDs will shorten in relation to the running temp of the lamp (junction temp, whatever, I know I'm not using the right term, but you know what I mean). Therefore, keeping the temp as low as feasibly possible is really the goal here if you want to maximize long-term efficiency.
I'm an EE in the consulting/design field, and a recent seminar I went to covered this issue quite a bit. There is a boom in the aluminum industry right now due to LEDs becoming the fixture of the future.
I see big honkin aluminum heat sinks from places like heatsinkusa used on DIY LED fixtures and I just have wonder if it big time overkill.
The "U" or "C" channel aluminum to me seems like it's the opposite - underkill, which is why fans are needed.
I think terahz's solution is ideal, because it provides adequate heat removal from the junction without wasting aluminum or money, and required no active cooling. Granted that it is open-air, so put in an enclosure I would assume some air movement would be a good idea, but I think it would be much less and not direct (no fans blowing directly on the heat sink, just air movement in and out of the enclosure). This overall design should keep the junction temp down and extend the L70 life (or not decrease it rather). So from that perspective, it may be the true money saver.
I haven't thoroughly searched this site yet, but I have yet to see any hard data that shows that the junction temp is maintained at an acceptable temperature with Aluminum channel. I have a feeling that it is probably running on the edge of the acceptable limit, and while that may be OK, I'll opt for a little more protection.