That is a good point, going by the numbers on paper, if they ran the XPL at 1400mA, the 3900K top bin is about 4.35W, 42.6% efficient (minimum) and cost $2.80/PAR W (retail cost, I expect Jeff would have had a better price lined up). The reason I mention the 3900K is because the best 3K bin I saw was 3 steps lower. So what would it take to top that with COBs?
Vero10 4000K @ 150mA, 3.7W, 43.3% typical, $2.71/PAR W
So it looks like the Vero10 would have a hard time topping that performance, but it is a good alternative and would not need reflectors/lenses, great for low profile setup but tricky to fit into a commmercial panel?
If we jump up to Vero 29, 4K, 37.8W, @ 1.05A, 43% (typical), $1.74/PAR W (retail price). Now that is much more in the commercial lamp price range but will require more vertical height and a reflector/lens so it might be more economical to go ahead and crank it? The 3K Vero29 @1.05A would be 41.8%, $1.78/PAR W.