As a thought experiment, which I'm actually quite interested in as I'm about to move to a warmer climate...
Assume we had a 400watt LED fixture and a 400w MH fixture over our tank, which we all agree are going to produce 400watts of heat. The 400w MH fixture is going to radiate most of the heat downwards into the tank and some amount in the surrounding air. The LED fixture is going to concentrate the heat around the heatsink, which will radiate into the surrounding air around the heatsink.
With the MH bulbs, a lot of the heat is going to be absorbed by the water, and then very slowly radiated out into the surrounding air (assuming a house with a relatively normal ambient temperature). With LEDs, the heat is just radiating directly into the air.
Is the supposed advantage of LEDs is that the heat radiating into the air is easier to deal with, or that we expect to get by with less overall wattage and therefore less heat, or both? The maxspect website is making the argument that you can get by with less wattage, but obviously there are conflicting views about that (third rail of reefing!).
I can imagine situations where with some intelligent ventilation you could export the heat from the LEDs to the outside pretty efficiently, is that the idea? Otherwise in a closed environment (like a house), no matter whether it is LEDs or MHs producing the wattage, the A/C is going to eventually have to deal with the heat just the same.