"BUT you get the job done (photosynthesis) with much less dissipation by running them at high efficiency, so there will be a lot less heat in the system."
Only if the plant can use the light before it dissipates to heat. I've not done tests and I don't grow or smoke pot but I enjoy scientific discussion, and the cheap lights at lower watts spread over the canopy is more efficient than one expensive light in the center pulling the same watts. Is the expensive light so much more efficient that it compensates for this? I doubt it, but only rests on a 4x8 table would show... And I think the cheap lights will have a bigger chance of winning as the watts per sq ft goes up.
Even if they are cooking the diodes and being less electrically efficient they may be more photosynthetically efficient when you factor in the distribution, actual PAR, and the plants efficacy in using that PAR. You really have to look at initial investment costs too since as you said, technology advances rapidly and they need to produce more profit before they ultimately become obsolete.
I'm not saying that the cheap lights truly are better, I'm just saying there are better ways to evaluate.
I still don't believe in the soil/organics either. I don't believe in flushing and I don't believe in lollipoping, I only believe in scientific research done impartially and I'd like to see a double blind study on the taste.
I agree that vast majority of light, ultimately, gets dissipated into heat.
I, however, disagree on all other points.
I see no difference in distribution of light. Yes, even highly efficient lights can be spread well. I highly doubt that cheap lights would produce PAR that plants use more efficiently. Actually I think the opposite might be true.
And yes, expensive lights (especially if we're talking DIY) can be that much more efficient than
some generic LEDs. Depends on what you get, but I'm talking efficiency anywhere between 5-20%. 25% for royal blues and some cool whites. With high end LEDs you can reach almost 60% (extremely expensive) but 45% can be achieved for a reasonable price. That is one thing. The other is that cheaper LEDs are worse packed (resulting in higher temps). Especially in case of multichips, they
are very are unreliable (due to poor die selection and bad thermal balancing).
They drop output extremely fast. And also, be aware that a lot of Chinese sellers lie right into your face (my personal experience about LEDs).
In the end I am not gonna go with cheapo LED lights.