captain morgan did a lot of experimenting with Home Depot LED bulbs. A couple of years ago. Around that time there was a fair amount of activity with guys removing the protective globes and taking them out for a spin.
I don't know about spectrum, but most off the shelf LED light bulbs are roughly equivalent to, or slightly better than, CFL's for lumens/watt. Whatever you find at the store is going to be several generations behind the latest as far as efficacy. Or is it efficiency? Anyway, I've looked at the fine print on lots of HD bulbs. Don't know if I've ever seen one claiming better than 100 lm/w. Hang around these forums and you'll find guys who are driving their LEDs softly and approaching 200 lm/w.
We're in a tech race with these LED's. If you're using 3 or 4 year old tech (store-bought bulbs) you're missing out.