Well the sensitivity depends on the meter brand and type. Lux meters are basically worthless as they try to approximate how the human eye perceives brightness.
A PAR meter on the other hand is tailored to measure PAR - Photosynthetically Active Radiation. The means ~400-700nm, which also happens to be the visible spectrum (400 being blue almost UV, 700 being far red). So PAR meters do not "guess" what a plant wants; they KNOW which range of lighting affects photosynthesis.
That said, the spectral response of any given PAR meter is far from perfect. Apogee's:
Here's how to intepret that. The red line is some hyothetical light source that emits even spectrum from 400-700, with abrupt cutoffs on either side. Obviously there is no such light source, so this graph is just to demonstrate how accurate the meter
would read those spectra.
The green line is what a typical sensor would read from that hyothetical perfect PAR source. The blue line is the results apogee gets with some kind of filter that's built into the sensor.
So you can see that the Apogee meter will UNDERESTIMATE blue, and OVERESTIMATE red.
Since there is no such thing as that perfectly even spectrum, and most lights have a bit of a noisy spectrum, the errors tend to just average eachother out. So the spectral response is considerd 'good enough'. To make things even more complicated, the meter has both "Sun" and "Electric" modes, and those basically internally bias the spectral response. The manufacturer says that "electric" is better for LEDs, but I have done quite a bit of researching this myself and it appears that by "LEDs" they mean mostly the red/blue only grow kind. Folks over at Advanced Aquarist did some very scientific testing and they determined that the sunlight mode was actually more accurate for most white LEDs and most high quality broad spectrum lamps of all types.
not sure if this is the original article I read on that, but it's also very informative:
http://www.advancedaquarist.com/2005/7/review
On my setup, if I read in "electric" mode, the results are about 7-10% lower (so 1000 becomes 900). But since my LEDs are pretty mixed in spectrum, I think "sun" is more accurate. Where you could get a BIG error is if you measured the PAR from pure Red LED. Those have a very narrow range somewhere around 650nm. So the apogee meter would give that LED a false high reading. On the other extreme, a pure Blue LED would give a false low reading. I don't think "elecric" mode is going to help all that much in either case.
Either way, the mode doesn't change the results THAT much to really care. 1000 vs 900 PAR really doesn't matter, since we probably can't be that accurate in the first place. We just want to get into the ballpark with lighting intensity.
There's a sensor by Licor thats slightly more accurate (the link above has the info on it).
The attractiveness of pure Blue/Red LEDs is because that's where chlorophyll A and B absorb light. But there is also research suggesting that spectra outside of those ideal ranges could also be very important to the plants somehow. I've seen some LED plant tests in pure red/blue that apparently had enough intensity.... but plants were just lying down and looking odd.
There's even FURTHER research saying that small amounts of UV could be important too. Even white LED's will not give you that, you'd need UV LEDs. Personally I would never mess with a UV LED, especially if there are optics involved, because of just how easily it is to blind yourself, or lose your night vision for several hours (blue LEDs will do that to you!).
So LEDs can never be perfect, but for me, white LEDs are the better option. I could ramble on more but it feels like I already wrote alot