there is no cree 3w leds available in blue and red.
typical blue and red voltage is 2.4 volt and at 1 amp maximum power that equals 2.4 watts per LED. Times 200 that is 480 watts total. plus a good quality driver at 90% efficiency your looking at 528 watts total system so yes it is bull shit.
also cree does not make red and blue LEDs in the peak spectrums plants need.
also running LEDs at maximum current makes them loose there efficiency.
Most likely the manufacture is running the LEDs at rated specs between 350mA and 700mA. So between 0.35 x 2.4 x 200 = X and 0.7 x 2.4 x 200 = X watts.