Here's a link to someone doing a build on reefcentral.
http://www.reefcentral.com/forums/sh...ight=par38+led
Here is a link to a thread where they were recently discussed.
http://www.canreef.com/vbulletin/sho...ighlight=par38
Probably the cheapest way to do an LED setup without going to a full DIY. DIY is still cheaper though. They seem like a decent product. Look for the ones that have 3 Watt LED's in them as some have 1 Watt LED's.