Sounds like a big win for Cree ... although I really question the wattage numbers and how they arrived at such a savings.
LED and metal halide are about even in terms of quantum efficacy - that is, turning electrons into photons.
I'm guessing the old MH system had redundant bulbs, all of which were removed and counted towards the wattage "savings", being replaced with far fewer if any redundant LED "bulbs". they ignored the fact the redundant bulbs were not run at the same time.
More "savings" likely came from switching out ancient magnetic MH ballasts for high efficiency switch-mode LED drivers. Making the upgrade to high frequency electronic MH ballast would have yielded impressive numbers too.