I'm running cheap led's and they throw out more light than my plants can handle. penetration isn't great, but if you have 1k watts of led in the correct spectrum and a canopy managed in a way that promotes optimal light coverage, I would say this would spank a 1k hps.

yes, price.. would be nearly 3x or higher that of the hps unit, but its hard to say whether or not the life of the panel and higher efficiencies would make up the difference.

my 240watt panel got me several nice 6" colas off a few small plants in dirt on my first run..

for veg they are easily as good as florescents. with a much better efficiency.I have a hydro girl that is doubling in size every three days currently.