In general I think if you buy a pre made/ccommercial panel,LEDs will not be cost effective or will be junk(cheep versions that don't satisfy a plants needs for long).
The only way I could get what I wanted/needed was to make my own.
As far as 3+ watt Leds vs 1 watt LEDS.I say 1 watt LEDs are better for my use.
I can place them closer together without heat problems and put 10 +/- different wave lengths on a 8in.X16in .or 16x16in. panel.
I use 1/16th inch sheet aluminum to mount the stars on and Perf Board (( 7X12in)for 10mm LEDs.
I don't cool the panels,only the LM317's and resistors that are in a small box,in line running to each panel.
I use small computer power supplies for juice (12volt 12 amp. or 24volt 2.5amp. )They are cheap at the surplus store.
To get as many wave lengths as I use you'll have to use both 10mm and stars.
If you can get all the wave lengths you need in 280,000mcd(100+lumens) use 10mm LEDs.
They are easier to assemble and are higher Lumen.
BUT run hotter and need some cooling.
I use Stars or 10mm in 35-100Lm(depending on which LED)...
Blue , 465-475nm , 440nm-450nm
Red 629nm - 630nm , 625nm - 635nm , 658nm-662nm , 630nm-640nm
If the data sheets are true i'm getting
Blue in 440nm , 445nm , 448nm , 465nm , 470nm
red in 625nm , 629nm , 630nm , 635nm , 638nm , 658nm , 660nm
IF the LEDS really put out the wave lengths they are rated at running on the voltages I'm using.
When I get around to making the spectrometer,AND if it works I'll be able to see what I actually have.
LEDS put out lesser amounts (under 50%) of wave lengths that aren't on the data sheet.I'm sure there are at least as many stray wave lengths also produced by the LEDs as the ones they are rated at.
I look at it as a +,LEDs don't stray very far from their designed wave lengths so even the wave lengths above and below their rating should still be in the ball park I think.
Plant usable or not,I don't know until I test them out with a spectrometer...
My aim with making my panels is to add as many PLANT usable wave lengths as I can with my light source.Get as close to what the sun puts out.
it'll never happen but I can probably get closer with LEDS than most any other light source without too much heat or taking the electric meter for a spin...
I build my LEDs while killing time at work 14hrs. a day,7days.
So my labor is already paid for (I'd be just trying to take over the world on a computer game otherwise-Risk,Command and Conquer,Civilization,whatever-games).
I won most of the $ in a safety bingo here at work.
I have started a post on another site as I built the panels but I guess there must be a tirf war goiing on,link wouldn't post last time I tried...
Too much hassle doing it again here...
5mm experiment
5mm maxed out beyond their limit...
Under stars-1watt
3 10mm panels
http://i403.photobucket.com/albums/pp111/smoemaster_2007/2012%20pics/IM004914.jpg
http://i403.photobucket.com/albums/pp111/smoemaster_2007/2012%20pics/IM004896.jpg
http://i403.photobucket.com/albums/pp111/smoemaster_2007/2012%20pics/IM004898.jpg
http://i403.photobucket.com/albums/pp111/smoemaster_2007/2012%20pics/IM004897.jpg