I agree with you that there are pros and cons to every system out there.
Some people swear by the replacement of MH bulbs every 6 months, but ask ten people you'll get 10 answers.
I'm in South Florida, where it's always hot. There was never a time when my chiller wasn't running and therefore it only made sense.
I had the perfect storm before I bought my LED lights. I had a MH bulb go out, a different MH ballast go out and my chiller died. I figured I was going to have to buy three new bulbs, no point replacing just one, a new ballast and a chiller. I had also just recieved a $400 power bill, right in the middle of summer.
After researching the LED lights and doing some energy calculations, it was the right thing for me to do.
I will say that I bought one of the first versions of these lights and they have become much better over time. I have had a couple issues with power supplies going out, but PFO's customer service has been terrific.
I won't spend your money for you but I'll tell you that I was very happy with my decision.