Barney, some people have tried DIY LEDs on Reef Central. You need decent heat sinks, cooling and proper individual reflectors to get the best out of the LEDs. Basically, the DIY people failed (one of the designers from Solaris is on there offering help and insight into how they got theirs working).
The general feeling on PAR measured on RC is that they do a good job but won't replace MH just yet. When supplemented by T5s they can handle a mixed reef quite nicely, but won't be first choice on acro farms for a little while yet.