Good to see this HiD vs LED thing come up over and over. Actually its fun to see the competition between the two.
Having both a 400w HPS and a high end LED to make the comparison I can say that everything depends on how you personally wish to pay for performance.
If you want to get going on the cheaper end of things and still be very effective, a 400w (as an example) is a great choice.
The price of a couple bulbs a year ($150) and with the ballast around 500w+ total power consumption between the ballast and cooling fan and light itself
a little higher electrical costs. You can buy a good reliable setup for say $350.
Vs
A $1200 LED light, that can do what the 400-600w does, and even better when it comes to the veg state.
No bulbs to replace and a lifespan of 8-10 years on the LEDs, consuming around 400w. Also no heat factor or ballast to deal with.
But one thing I will say about LED lights in general. The overwhelming majority of them on the market are BS and are low quality.
If you want a LED that will truly work like a HID you need to pay the piper big bucks and even then be very careful who you buy from.
Did my homework and chose a LED from
http://www.blackdogled.com/
Blows away the jumbo ufo I had from prosource, literally no comparison whatsoever.
So it all comes down to do you want to pay little by little each year, or do you want to pay for the cost of most
of its life usage up front. To each their own.