One of the more controversial tricks people have been using recently is using 730nm leds for 5 minutes after lights out to convert %Pfr to 0 quicker. (all active form into inactive form) The people who have been using it claim to be able to take a week off flowering by speeding up the flowering response.
Like with a lot of things, I needed to try it. I built a 730nm array a few months ago, and used it for one grow so far. From my own experience, what I can tell you is that 730nm really is the "low quality" color that causes stretching and sleeping. No doubt in my head now. Holy stretch... batman.... It makes branches think they're shaded. I think it made my plant think it was getting 14 hours of night instead of 12, but in practice I'm not sure the best way to use these things.
Like you're saying though, most people probably don't need them, but haven't you always wanted a sleep ray? It's probably more of a toy for HPS growers. Many suspect that the dim reddish glow of the HPS lamp turning off acts similar to the 730nm, but i don't think anyone's actually measured the spectrum from the glow.