Like mentioned early in this thread, it depends really on what your goal is. Add to that, you really can't say whether something honestly works "well", compared to another approach if you haven't tried it.
Me, i have done halides, led small lights(the Home Depot/Lowes version) , full spectrum fixtures, plant cfl(the real plant self ballast bulbs), and sodiums. All of which, if compared, lower kelvin and higher wattage "do" indeed grow faster and more dense. Lol, honestly, i will challenge almost anyone on that!
There isn't a ton known yet as far as aquatics and plants, along with the effects, from what i have observed. I really love plants and i was an avid hydroponic grower (legit) for over 15 years. You learn a ton in that time and it translates well to aquariums. Your not gonna cook your cheato or tank unless your using an inefficient means of lighting. In other words, you don't want to beam a flood lamp on your tank. But you do want something both powerful enough to stimulate "effective" growth and at the same time, powerful enough to penetrate the canopy of the cheato. By that i mean, you want to be able to effectively keep even the bottom well, alive and growing.
That is why most people think you have to tumble your cheato, when in actuality, the weak light is what makes you need to. For example, the sodium I'm running, I don't tumble a thing. I never have. But my light is strong enough that i grow a thick matt that I trim back every 10 days and take to my lfs. I take them a large zip lock stuffed full of pod infested cheato.
And heat is only an issue when you use the cheap lamps and reflectors. My light is a compact 150 unit. No heat given off at all, and burns very little power. But it's the "type and spectrum" that it's optimized for. And these are designed for growing plants at accelerated rates, maximizing light, while dissipating the little heat that possibly "could" be generated.
The thing about light and plants, is that, burns, except for very low light plants, comes from heat and night from light intensity. Usually, it's the light source, giving off heat in its operation that burns or creates a "hot spot".
What would be cool, and I have yet to see it in aquaria, are light movers. Either for fuge or, for displays. They have been using them for decades with indoor growing, but it hasn't caught on at all on this side.. But if i had the space, i would still do a hid light(or two) , but would simply put it on a light mover and let it do it's thing..