5mm reds are particularily weak; I used 3 different types of photo sensors with a digital storage oscilloscope because I had a hard time believing they were so weak. A lot more R&D has been thown into the 5mm blue LEDs, however, due to their being used as white LEDs. The 5mm LEDs simple do not have the photon flux density for good budding. I use them for mothers and clones, the lack of green light keeps the auxins levels down so the mothers will stay compact at lower light levels with the added bonus of lower starch levels so the clones root out faster.
The high power LEDs have future promise but they're just to damn expensive at this point. I experimented with up to a 15 watt LED (four 5 watt LEDs on the same die the size of a pencil eraser) but you need a large heat sink. I was once doing a high power test on a 15 watt LED and only had it pasted for a thermal bond to a heat sink but not actually mounted for a good mechanical bond. I accidentally yank the wires of the LED pulling it from the heat sink and literally under two seconds it started to smoke.
I've got nine 5 watt LEDs (2 blue, 2 white, 5 red) on a large heat sink that I've been messing with a constant current power supply but I've found that it isn't really more efficient that a CFL. The reds are 20% efficient, the blues are 16% efficient while a HPS is more like 35% efficient. The white LEDs, BTW, are to boost auxin levels- I think this is a major problem with LED grow lights on the market and why pot grown under LEDs without green/white take longer to mature since auxins play a vital role in budding but that's just a hypothesis; I've seen no white paper to back my claim up.
Maybe LEDs will be ready for prime time in five years of so as the quantum efficiency goes up and the price down but not at this point. They will not be replacing my 270 watt son-agro HPS bulb anytime soon.
BTW, I've found little difference in growth between 630nm and 660nm LEDs in veging.