I've also heard LED can look less "bright" but still be putting out a lot of light... let me see if I can dig it up.... found it. It's written for saltwater guys for use on coral but obviously still relevant:
Another complaint often heard from those making the switch is "my new LEDs aren't as 'bright' as my metal halides were!" ("bright", in this case, referring to the relative luminosity of the light, or how it looks to your eyes); even though the LEDs likely emit at least as much or more PUR as the prior MH source.
This has to do with the way the human eye sees: different spectrums appear "brighter" (more luminous) than do others. LEDs, especially ones used in aquarium fixtures, emit (or should emit) a great deal of PUR. However, most of the PUR for photosynthetic inverts like coral is not in the spectral range that the human eye views has highly luminous, meaning that the light appears dimmer to our eyes, even though it could be emitting more PUR for your coral than did the MH bulb.
You can see from the image above that the human eye is not very sensitive to light in the blue wavelength (only about 12% of our color receptors respond to blue wavelengths) and as high PUR LEDs emit a great deal of their light energy in the blue spectrum, they appear less "bright" than do other forms of light that emit more green or red. "Brightness" (luminosity) is relative, and means nothing to coral!
Want a brighter look? Use LEDs along with another form of lighting, or purchase wide angle LEDs with LED spotlights to produce dramatic effects with light and shaded areas. More 'shadowing' may occur with LED lighting than the aquarist is used to seeing, because each LED functions essentially as a miniature spotlight (not to be confused with LED spotlight fixtures), and LED light will not be as uniform in it's distribution as MH lighting is by nature of design. Although, have you been to a reef recently? Believe me, they're not uniformly illuminated. Once you become accustomed to the 'dynamic' way that LEDs illuminate an aquarium, you won't want to go back!
http://blog.captive-aquatics.com/ca.../comparing-leds-theyre-not-metal-halides.html