If we took a 150W halide with a reflector that focused on the same footprint as the LEDs, then it would blow the LEDS away even if the MH in question was only 75 lW and the reflector was only 70% efficient vs the LEDs with 100 lW output and 100% efficient optics. A 400W halide in the improper reflector would still very easily produce more than 300 par in the main focus area at a distance of 4-5'
One of the neat things about light, is that it is predictable. That is why we can interpolate the output of a any bulb with any reflector as long as the reflector has been measured with another bulb and we know the point source parameters for the bulb in question. At one point Sanjay was going to put up a small web app that would allow ANY of the bulb he measured to be simulated in ANY of the reflectors he measured. Pretty cool project based on simple math... but dunno if it ever happened.
A "good" reflector is one that puts the light on the desired focus from the desired distance. The 8mm optics do that for Widmer, the same could be done with a MH by changing the shape of the reflector to focus the light in a narrower beam.
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True you could focus any light source that has enough output to get the par readings, but I think that there are 3 main points to this that need to be restated.
1) LED technology can be used for reefs now and has a reasonable price
2) The reduction in power consumption over 10 - 15 years (wiht rates going up) will save who knows how much money.
3) Keeping the same bulbs for 10 - 15 years will save hugh money over the long run and reduce the amount of toxins being dumped in landfills. Halides are expensive every 6 - 12 months at $75 each or more.
Also I think it is key to note that for smaller tanks Nano and Pico a DIY LED set up will be very affordable.