they all have ups and downs.
Leds, made by the right company, are about the best thing available today. There have been alot of advances since they came on the scene and everyones about got it figured out. That being said theyre CRAZY expensive. I dont use them but have seen good results with them and if i had the money/endorsement id run them. Less heat, more PAR, better lumen maintenance, less electricity. But damn are they expensive. I bought a small, cheap led panel a few years back that i still have for small veg or clones. It works well for size and wattage but i wouldnt even start flowering something with it. I thinks its a 50w panel.
I run CMH for my veg. Nice, little less heat than a standard hps. Helps em grow more bushy. Better color spectrum, if you get the right one.
mh i dont use but theyre good. Better par than hps but slightly less lumens and lumen maintenance, little more UV
Hps i use for flower. Tried and true. Works good, everyone uses them, good ballasts will last forever, etc.
Induction is the only i havent worked with in some fashion or another. Theyre nice, less heat, better PAR than hid but not as much penetration. The light seems to be spread out too widely for really good flower.
In the end all these different types of lights are made to make up for the short comings of the last.
Your goal should be to mix them because that will bring the best results.
Basically the hps has the most penetrating abilities (MH and CMH are right behind). Pair that with anything with a good PAR and youre improving more alot more than if you were to add another hps.