HPS and MH lamps and triphosphors fluorescent lamps are more efficient than LED.
It is not true anymore even when speaking about brutto efficacy (i.e. the light source alone, without the losses in the beam control optic). With the optics, the LEDs are way ouperforming the others, mainly given the ease how their beam could be controlled.
The only light source with higher brutto efficacy are the LPS, but their form factor does not allow in any practical form the beam control optic to not loose at least half of the light output (into light spill, uneven illumination or absorbtion of dark parts), so when speaking about net efficacy in final application, the SOX is way behind others.
But mainly for higher outputs, the LEDs are still quite expensive (cost rises about linearly with the output rating so a 250W costs nearly double of the 125W assembly, with HID the cost differs by few % only, so the high lumen packages become way cheaper per lumen) and did not prove the reliability yet (the older installations did not perform that well and the newer are too new to prove anything).
