Efficacy will be greater == less electricity cost, less heat created (inefficiency is heat).
You can also tailor the spectrum to anything you want.
Biger up front costs, but you save that cost-difference compared to any other unit out there within 12-16 months if i recall.. it depends on what you compare...
a DE HPS is 2.2 umol/s per J? you can reach 2.7-3.0 with the right LED diods. 2.2 -> 2.7 is 23% more efficient. assuming you go for same # of photons, you'll save lots of electricty every month. Or, you pay the same and get more photons -- whatever you prefer.
The only con is cost... QB you may need to investigate heat dissipation. Strips/modules tend to have better heatsinks, especially if you DIY it. If you can't find info on their heat dissipation, be a little skeptical. Email the manufacturer, and if they can't give a solid and straight answer, they are hiding something for sure.