A 400 watt LED usually has a power draw of roughly 150 watts, so will use considerably less electricity than a 400 watt HPS.
Obviously, a 400 watt HPS will draw 400 watts.
However, the actual light strength for the 400 Watt HPS will be double or even triple that of the 400 Watt LED.
If comparing apples with apples, finding a LED light with the same output as a 400 w HPS, would require a 2000 watt LED, which will draw roughly 400 watts, so running either of them would cost the same.
A 400 watt LED is only the equivalent of a 150 watt HPS, so there is some "smoke and mirrors" going on with the sellers descriptions of their LED lights.
If you are after fast growth, quality and yield, a HPS wins hands down.
If you are looking for the most economical light, LED lights win, but do not expect a 400 Watt LED to perform the same as a 400 Watt HPS as it only the equivalent as a 150 Watt HPS.
Hope this helps, Organoman.