Actually, it would...

LEDs are shitload more efficient than incandescent bulbs... and CFLs... and HPS... and MH...

BobBong,
This would be a big panel with 64 LEDs... not some small thing with 3 or 4 LEDs...

Among the adantages of LEDs:
-Very little heat (CFLs are pretty hot, compared to LEDs)
-very efficient (if have 400W of LEDs... Jesus! You'll have a mini-sun!)
-They produce narrow frequencies of light, instead of many colors of light

Thanks for the input Bob! Here's a link you might find interesting:
http://www.ledgrowlights.com/GrowlightKits.htm
But again, we're looking to make something better than what these guys have.

Keep those brains turning!