From a pure power usage point of view your right, they won't make much of a difference on the electricity bill if ran for the same amount of time. I'm not sure how the MH are rated but assuming that the bulb is using 250W and then assuming the ballast has an 80% efficiency then the actual input power to the MH balast should be around 300W anyway.
MH obviously lose alot more power to heat generation through the light and ballast than LED's. So on a Watt vs Watt basis the LED lighting should produce more light output and less heat output due to it's high efficiency. I'm no lighting expert by any means but what worries me is the narrow spectrum of light produced by LED's.
The 300W LED light should run quite a bit cooler which is a nice bonus.
I'm sure someone else here has a better explanation.
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