LED's do offer an advantage of light without much heat, which in large applications would be a boon, as many plants can take higher light levels if they are kept cooler.  Additionally, as LEDs emit in specific wavelengths, I suppose it is possible to provide an array that optimizes the overall spectrum.  The relative energy-efficiency of LEDs is also well established.
 
As the relative value of those first two advantages is in the "marginal-to-OK" range compared to other lighting sources, in my opinion, the cost is going to have to come WAAAY down before any of the benefits become worthwhile for the typical grower.

Ray Barkalow - First Rays Orchids - www.firstrays.com
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