Quick rundown on LED vs HID. First to answer your question 300w LED is typically compared to 800-1000w HID (depending on where you look). So, 2 200w's would be ideal if you want to be certain you have equal light output and proper coverage. Keeping that in mind, lets look at price. 300w LED light (from advanced LED) one of the best LED companies out there right now 795$, you look at that number for one light, ouch right? Okay, now lets look at a 1000w MH/HID setup, this will be generally following MSRP (Manufacturer Standard Retail Price for those who don't know) and using items of equivalent quality to a 300w LED from AdvancedLED (it is an extremely good quality light and company with great customer service and warranties I have dealt with them before) back to the point. PRICING for HID setup 817$ Oooo whats that, HID is more expensive than LED? And that's not even including electric bill, which yes, the 1000w is far more expensive to run than the LED.
*Important: HID setup will give you a higher yield, if all you are after is yield and you do not care about cost, stick with HID HOWEVER, if you are looking for the less expensive, less complicated, safer, longer lasting, route go LED.
Parts list for HID setup: Nanolux 1000W Dimmable Ballast ($339.95), Radiant Reflector 8" Air Coolable Unit ($189.95), Duct Clamps 8"(pair) ($5.95), Air Duct 8"-25' Insulated ($72.95), Inline Booster Fan 8" 471cfm ($58.95), MH 1000w Bulb, 7200k ($69.95), HPS Bulb 1000w ($69.95)
Things to remember, nanolux is one of the best ballasts money can buy, radiant reflectors are one of the best reflectors money can buy (with 98~% light reflection as opposed to 83% of cheaper products) but the Advanced LED is one of the best LED's you can buy. Yes you can buy cheaper reflectors and ballasts, but you can also buy much cheaper LED lights. These prices are using MSRP and products of comparable quality, sorry for the length, trying to be as unbiased and informative as possible as I use HID lighting myself.