Hey, Im new to this growing thing, but LEDs I know about.
Since you can even touch the bulb after having been on for 72 hours plus.. theres basically no heat. Since it only gives out the right wavelengths rather than burning off a load of other wavelengths like CFL, HPS, HID, MH lights, its much more effective, also the light doesn't illuminate the whole room, just directly in front of the light, your not losing your wattage everywhere else, its all being soaked up by your gorgeous, soon-to-be-tasty Tetrahyrdacannibol rich plant.
Best lights aren't cheap chinese knockoffs, you need at least 3 band spectrum, 660nm, 430nm, 630nm (ultra-bright white at 7,000k is a bonus) And you can have your lights just 10cm above the plants, without having to majorly worry about burning them, or keeping the lights so far away it stretches. 90w light is the LOWEST you want to go, should be good for 1sqm at 45-60cm above the plant.
The best LED light I've found so far is:
http://www.ebay.co.uk/itm/135W-LED-...arden_PlantsSeedsBulbs_JN&hash=item336e69ac95
Thats if you're from the UK, if not im sure you can find plenty of places to buy from.
They're generally expensive, at $400 for 200-250w on average. But I have seen several grows with LED and they all say, dependant on temp, pot size (plant pots, not smoking pot), ferts and air circulation, around 5-10oz per 180w of lighting, (thats experienced growers, first grow will always be smaller unless you've earned a degree in botany). They definitely work.
Best of all, they are rated to work for 50,000 hours! 5 times longer than when you want to change your MH, HID bulbs !