In murky/silty water, a tight intense beam will burn through a bit better than a wider beam. An enclosed non focusable reflector is also not as silt dependent. So in short, a simple non-focusable head like the MR-11 is not a bad choice in poor viz.
Otherwise yes, buying as much light as you can afford has some appeal, although the price almost doubles when you go from 10W to 18-21W. To be honest the real area where more watts is an advantage is in wreck diving where the viz may be less than perfect - if the wrecks are large. The hanger deck on the oriskany for example eats light and leaves you wanting 35W or 50W. In caves however, while you can readily see the difference between 10W 21W and 35W lights, I have never felt like 10W was inadequate as can be the case in offshore wreck diving.
LED is something I would avoid, in a primary at least. I ran a 10W HID and a comparable "10W" LED light head to head this weekend while cave diving (including switching from one to the other and also comparing my LED to another 10W HID in use by a buddy) The LED performs remarkably well in clear water but really falls down as the water gets murky or tanic colored. In both those cases the HID's much more intense center spot really makes itself apparent. So for low viz/murky conditions it is a no brainer to go with the HID.
I am however very impressed with LED as a back up and I am seriously considering using the cord attachment on my DR LED backup along with a Salvo goodman handle and carrying it in a dry suit pocket rather than as a handheld on the shoulder strap. Configured that way it handles and performs almost like a primary. I just have to get the Hog voices in my head to stop screaming "OMG NO...DON'T DO IT!!"
As an aside, I am so glad I was able to make this post - it got me off post number "6666".