Right On GordonThree!
The high wattage LED fixtures I am building (350 watts) are almost identical in lighting intensity of 400W Metal Halide. But the LED's I construct do not need the lighting focused - they are for general area lighting. The big issue I have found with LED is the absolute necessity to have a heat sink large enough to cool the chips. This is the fox in the hen-house of LED design. Aluminum extrusions are anything but cheap. This forced me the incorporate cooling fans for the smaller heatsinks. What is the definition of "expensive"? A dollar and a quarter 10-watt LED chip versus eight dollars for the heat sink.
I always bristle at newfangle buzzword gizmos that are heavy on the hype but selectively missing the entire story including the negative points. I have immersed myself in the sometimes overwhelming world of LED lighting. Next week I get to construct a (4) lamp 10-watts each amber warning light strobe system for a tow truck and a 2 lamp red strobe for an ambulance. The work is fun but the cost of the heat sinking is daunting.