Most experienced growers appear to be of the opinion that LED is not there yet. There are people on this board using LEDs with mixed results. I have a UFO, but I haven't done much with it yet. If you use the advanced search function you will find a lot of LED related activity in the Grow Journal forums. I would recommend checking out hydro-grow-led.com. I think she may have a promising product. She is currently doing a grow log in the Indoor Grow Logs forum. http://forum.grasscity.com/indoor-grow-journals/435401-led-grow-test-vs-hps.html
If your interested in a basic overview of LED's I found this article on High times.... L.E.D. GROW LIGHTS