i deal with Lumileds a fair bit, they are the manufactures of the luxeon star emitters, and a few other variations, I have been using their 1watt leds, their 5watt leds, and am waiting for their test release of their new 10watt leds. I use the blue and white leds, they are very nice, even the 1watt and 5watt leds give a sparkle effect like halides, but it is more sharp, just working out heat issues with mounting them in an enclosure.
the little buggers get pretty toasty...and they are fairly expensive, 14 leds and 3 ballasts to run them cost me around $550.00US and that is getting them direct, prices are comming down, but I got that order when they first came out. Im working with rings of 12 5watt leds in blue and white to make lighting with just leds, they will probably cost $2000+ but are fully programable, dimmable by 1/1000 increments, and will last about 20 years, also will severly reduce your electrical bill. running 1200W-1800W of halides and attinics gets a little pricey...