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I use LED's, I agree that LED doesnt quite live up to HPS, and I believe this is due to the mixtures of wavelengths available.
I use all Red:blue LED's for Veg and flowering, and I love the fact that i can run a system that can never kill the plants due to a fan failure.
They make flowering LED's that use white LED's mixed in with the Red and blue. This can also be done by running a small CFL with the Red:blue LED's
In a side by side comparison between a 300W HPS and a 300W LED, I would go with the LED, but as far as equivalent wattage that companies claim, a 600W equivalent LED would not yield as much as a 600W HPS.
Another downside is that good LED systems are insanely expensive...there is a thread where i try to explain why LED's dont work that well for flowering...here
-------------------- “The Universe is under no obligation to make sense to you” -NDT