I tried some Bhut plants under three different lights: a 600-watt MH, a 125-watt Red/Blue/Orange LED and a 105 watt 5000K CFL. The LED plants did the worst, by far. I might have had them too close. The MH did the best - short internodes, great growth, thick leaves. The CFL plants did very good also, but not quite what the MH did.
From an electricity usage point, I'm not sure the MH is better than the CFL. I can grow eight 1020 flats of plants under it. It would take four, maybe five CFL bulbs to cover the same area. The MH has a teeny bit more PAR light (.000022) per foot candle but significantly more lumens - 72,000 vs. 28,000-35,000 for the CFLs. The MH costs more though - $200 against $100-150 for the CFL.
But the best lighting will be my GH. More light, though only about 12-13 hours per day, but it is free. I may need to run a heater a few nights but that should be about a buck a night (kerosene). On the plus side, the plants will not need to be hardened off!
Mike