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There must be thousands of them to equal MH...
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Not thousands, there are a bunch of them, but not thousands. These are not the same LEDs you grew up with. The new generation LEDs are far superior to the old ones. Also, they are very bright for their size, produce a more customizable spectrum and use far less energy than their counterparts. The price is the only letdown right now, but you can expect that it will come down.
I feel that LEDs will be the wave of the future for this hobby. I think they will help to close the gap between our supposed reef and eco-friendliness and our needs for energy. Our practices in regards to energy are extremely wasteful but using LEDs may help to eliminate this.