Good question, jarhead.
When I first started looking, LEDs were on the fringe, and everything was about HID.
Then comes mb-sub's VB-50 Cave, and wow'd the audience. Then Intova came out with their LED backups that almost as bright as the primaries.
HIDs are easy to compare - they have xx watts and y burn times.
Now comes the LEDs - some have said that the burn times should not be "until dead", but until the output is half of the fresh charge.
As for the "xx watt" LEDs - that is just a comparison of the LED by the manufacturer to their own HID, and who knows how accurate that is?
CHALLENGE: Each manufacturer should do a night underwater test of all of their products and photograph the beams at 5m, 10m and 25m, to the same target.